Terrorism and Homeland Security: Funding

"This article begins with the widespread expectation that ‘following the money trail’ would be an effective means of hampering terrorist activity. So far, however, that effectiveness has been less than certain, and financial services providers argue that, at most, they would be able to check names against lists (they are adamant that
the risk-based approach does not apply here)"

"While the government has done much to disrupt and dismantle terrorist networks worldwide, (164) security officials and commentators are concerned that the United States has not invested sufficient resources to cut off the true terrorist lifeline: illicit financing, (165) As the United States' military and intelligence efforts prove increasingly effective at dismantling terrorist networks, terrorists must seek ever more clandestine approaches to finance their activities. As described above, this has led to terrorist organizations laundering money through trusts, charities, and shell corporations."

"Money laundering, terrorist financing and corruption ore connected mutually threats to democratic society and economic systems. It is obvious that it must be countered internationally. The article deals with issues related to basic changes in area of counteracting of these threats."

"The article focuses on the utilization of non-profit organizations (NPOs) by several terrorists groups for money laundering and terrorism financing. It notes the success of several terrorists groups such as al Qaeda, Hamas, and Hezbollah in exploiting Islamic charities and other NPOs through strategic processes, which contribute to their growth and existence. It also challenges governments to formulate laws that will protect NGOs from such activities of the terrorists."

"The United States Department of the Treasury is fully dedicated to combating all aspects of money laundering at home and abroad, through the mission of the Office of Terrorism and Financial Intelligence (TFI). TFI utilizes the Department's many assets - including a diverse range of legal authorities, core financial expertise, operational resources, and expansive relationships with the private sector, interagency and international communities - to identify and attack money laundering vulnerabilities and networks across the domestic and international financial systems."

"The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction."

"The Treasury Department performs a critical and far-reaching role in enhancing national security by implementing economic sanctions against foreign threats to the U.S., identifying and targeting the financial support networks of national security threats, and improving the safeguards of our financial systems."

"After the terrorist attacks on September 11, 2001, the United States Department of the Treasury initiated the Terrorist Finance Tracking Program (TFTP) to identify, track, and pursue terrorists – such as Al-Qaida – and their networks."

"In 2000, the IMF responded to calls from the international community to expand its work in the area of anti-money laundering (AML). After the tragic events of September 11, 2001, the IMF intensified its AML activities and extended them to include combating the financing of terrorism (CFT)."