Terrorist financing

“ The international financial community has become engaged in the global fight against terrorist financing. The Financial Action Task Force has focused on the new threat posed by terrorist financing to the international financial system, resulting in the establishment of the FATF's Eight Special Recommendations on Terrorist Financing as the international standard on combating terrorist financing. ”

“ Any terrorist-financing intelligence appeared to have been collected collaterally, as a consequence of gathering other intelligence. This attitude may have stemmed in large part from the chief of this unit, who did not believe that simply following the money from point A to point B revealed much about the terrorists’ plans and intentions. As a result, the CIA placed little emphasis on terrorist financing.83 Nevertheless, the CIA obtained a general understanding of how al Qaeda raised money. ”

“ Chairman, we face an on going problem that is here in the United States as well as abroad. It is a problem that we have just begun to dent, one which needs continued Congressional oversight and pressure. If we are to win the war on terrorism, there are many things that we must do. Drying up the money going to terrorists is one of the most important parts of winning that war. ”

“ FINANCING OF TERRORISM. (a) Findings.— Consistent with the report of the National Commission on Terrorist Attacks Upon the United States, Congress makes the following findings: (1) The death or capture of several important financial facilitators has decreased the amount of money available to al Qaeda, and has made it more difficult for al Qaeda to raise and move money. ”

“ Section 302 of Public Law 107-56 is amended— (1) in subsection (a) (4) , by striking the comma after ``movement of criminal funds''; (2) in subsection (b) (7) , by inserting ``or types of accounts'' after ``classes of international transactions''; and (3) in subsection (b) (10) , by striking ``subchapters II and III'' and inserting ``subchapter II''. (d) Section 303 (a) of Public Law 107-56 is amended by striking ``Anti-Terrorist Financing Act'' and inserting ``Financial Antiterrorism Act''. ”

“ An individual who completed advanced terrorist training at camps in Afghanistan and participated in an attempted hijacking/escape while in custody that resulted in the deaths of Pakistani guards. An individual involved in terrorist financing who provided information on Usama bin Laden’s front companies, accounts, and international money movements for financing terror. A Taliban fighter who spent three months fighting on the front lines in Afghanistan and is linked to al Qaida operatives connected to the East Africa embassy bombings. ”

“ Findings— The Congress finds that— (1) money laundering, estimated by the International Monetary Fund to amount to between 2 and 5 percent of global gross domestic product, which is at least $600,000,000,000 annually, provides the financial fuel that permits transnational criminal enterprises to conduct and expand their operations to the detriment of the safety and security of American citizens; (2) money laundering, and the defects in financial transparency on which money launderers rely, are critical to the financing of global terrorism and the provision of funds for terrorist attacks ”

“ Terrorist fronts operating under the false cover of charities and relief organizations have raised millions of dollars from the American public, some of whom perhaps knew the intended purpose of their contributions and some of whom do not. ”

“ Given the critical enabling role of financing in terrorist activities, such individuals should be viewed as having an active role in hostilities. The requirement for active participation, however, would exclude individuals from being targeted who provide purely political support to a terrorist organization.
Even where terrorists are properly designated as combatants under Additional Protocol II and therefore subject to targeting at will, the actual targeting must still meet the requirement of proportionality under customary international law. ”

“ Many militants are part of global, borderless terrorist organizations like al Qaeda, which spreads propaganda, and provides financing and technical assistance to local extremists, and conducts dramatic and brutal operations like September the 11th. ”

“ The United States will continue to work with our allies to disrupt the financing of terrorism.We will identify and block the sources of funding for terrorism, freeze the assets of terrorists and those who support them, deny terrorists access to the international financial system, protect legitimate charities from being abused by terrorists, and prevent the movement of terrorists’ assets through alternative financial networks. ”

“ Recommendation: Our report shows that al Qaeda has tried to acquire or make weapons of mass destruction for at least ten years. There is no doubt the United States would be a prime target. Preventing the proliferation of these weapons warrants a maximum effort—by strengthening counterproliferation efforts, expanding the Proliferation Security Initiative, and supporting the Cooperative Threat Reduction program. Targeting Terrorist Money The general public sees attacks on terrorist finance as a way to “starve the terrorists of money.” ”

“ This year alone, the lack of terrorism insurance has killed or delayed more than $8 billion in commercial property financing. Congress should pass a terrorism insurance bill without unnecessary measures that increase frivolous litigation. ”

“ We’re also working with allies and partners to destroy jihadist terrorist organizations such as ISIS, and very successfully so. The United States is leading a very broad coalition to deny terrorists control of their territory and populations, to cut off their funding, and to discredit their wicked ideology. ”

“ In Suresh, the Federal Court of Appeal held that activities which are undertaken in support of a furtherance of terrorist activities such as funding, are reprehensible and not worthy of constitutional protection:
As violent forms of expressions do not receive constitutional protection, neither can fundraising in aid of terrorism. ”

“ It will make it much harder for terrorists to raise the money they need to fund their crimes. It may not go as far as I would like, but it does strike a real blow against terrorism, and I will be happy to sign it. ”

“ Provided, That such funds are for operational and security requirements to support activities to counter the Islamic State of Iraq and the Levant, other terrorist organizations, and violent extremism in Africa, Europe and Eurasia, the Middle East, and South and Central Asia, and to counter Russian influence: Provided further, That such amount is designated by the Congress for Overseas Contingency Operations/Global War on Terrorism pursuant to section 251 (b) (2) (A) (ii) of the Balanced Budget and Emergency Deficit Control Act of 1985. ”

“ Public designation of terrorist financiers and organizations is still part of the fight,but it is not the primary weapon.Designations are instead a form of diplomacy, as governments join together to identify named individuals and groups as terrorists.They also prevent open fundraising. ”

“ Domestically, we have hardened our financial systems against terrorist abuse by promulgating effective regulations, requiring financial institutions to report suspicious transactions, and building effective public/private partnerships. ”

“ Compensation for civilians hurt by counterterrorism operations and the restoration of some economic vibrancy to areas formerly under terrorist control can help ease resentment and win over an otherwise suspicious population. ”

“ The influence of Islamic radicalism is also magnified by helpers and enablers. They have been sheltered by authoritarian regimes, allies of convenience like Syria and Iran, that share the goal of hurting America and moderate Muslim governments, and use terrorist propaganda to blame their own failures on the West and America, and on the Jews. These radicals depend on front operations, such as corrupted charities, which direct money to terrorist activity. They're strengthened by those who aggressively fund the spread of radical, intolerant versions of Islam in unstable parts of the world. ”

“ Noting that the number and seriousness of acts of international terrorism depend on the financing that terrorists may obtain.
Noting Also that existing multilateral legal instruments do not expressly address such financing. ”

“ Another important step in putting America's hard hats back on the job is passing a terrorism insurance bill. Congress is close to a final agreement. And I look forward to signing this good piece of legislation, if and when it gets to my desk.
After September the 11th, many insurance companies stopped covering builders and real estate owners against the risk of terrorist attack. The lack of terrorism insurance has hurt the growth of this economy and cost American job. The lack of terrorism insurance has delayed or cancelled more then $15 billion in real estate transactions. ”

“ I was told by his office that funds were limited, and that funding tended to be used against what was seen as Islamic terrorism. But, just as no man is an island, terrorism is not an isolated phenomenon, and we must all work together to stop it. ”

“ The maximum political impact a terrorist group can have is constrained by the security environment in which it operates, the efficiency with which it disburses its resources and the degree to which it can control its members.
As introduced earlier, terrorist organizations face two tradeoffs that create internal discord. The security-efficiency tradeoff creates conflicts over spending when three conditions exist: (1) preferences over spending are not perfectly aligned; [54] (2) principals cannot perfectly monitor their agents’ uses of money or cannot credibly punish them ”

“ Whereas Congress has taken steps to pursue vigorously the war on terrorism through the provision of authorities and funding requested by the President to take the necessary actions against international terrorists and terrorist organizations, including those nations, organizations, or persons who planned, authorized, committed, or aided the terrorist attacks that occurred on September 11, 2001, or harbored such persons or organizations ”

“ Requests further the working group, established under paragraph 9 to consider the possibility of establishing an international fund to compensate victims of terrorist acts and their families, which might be financed through voluntary contributions, which could consist in part of assets seized from terrorist organizations, their members and sponsors, and submit its recommendations to the Council ”

“ Clarke pushed for the funding of such a center at Treasury, but neither Treasury nor the CIA was willing to commit the resources.88 Within the United States, various FBI field offices gathered intelligence on organizations suspected of raising funds for al Qaeda or other terrorist groups. By 9/11, FBI agents understood that there were extremist organizations operating within the United States supporting a global jihadist movement and with substantial connections to al Qaeda. ”

“ While we recognize that there are many countries and people living with poverty, deprivation, social disenfranchisement, and unresolved political and regional disputes, those conditions do not justify the use of terror. However, many terrorist organizations that have little in common with the poor and destitute masses exploit these conditions to their advantage. The September 11 terrorists, for instance, came predominantly from the ranks of the educated and middle-class and served in an organization led by a millionaire murderer. ”

“ Terrorist organizations use a variety of financial systems, including formal banking, wire transfers, debit and other stored value cards, online value storage and value transfer systems, the informal hawala system, and cash couriers. Terrorist organizations may be able to take advantage of such financial systems either as the result of willful complicity by financial institutions or as the result of poor oversight and monitoring practices. ”