Terrorist Financing Essay

2455 Words 10 Pages
Terrorism has been a major concern for the United States government for many years. Citizens of the United States have been immune to the terrorist attacks that are taking place overseas. When The World Trade Center was attacked using a car bomb in 1993, terrorism was brought upon the door steps of Americans. What was once a headline on the daily news has now became a reality in the life of the American citizen. An essential element in the strategy for the war on terrorism is to dismantle or disrupt the financial network used by terrorist. After the September 11 attack the Federal Government took several steps to combat terrorist financing, resulting with "More than $140 million in terrorist's assets have been frozen across the some …show more content…
Over the past several years FAFT has been updated and modified to include the changes brought upon by September 11. FAFT issued forty recommendation requiring countries to place regulations on their financial institutions. These mandates include many controls over money transfers including; criminalizing money laundering and enabling authorities to confiscate the proceeds, mandate identity verification, record keeping and suspicious transaction reporting, and to establish a financial intelligence unit to receive and disseminate information. FAFT recommended "counter measures" against countries not making sufficient improvements to the regulations. Since the conception of FATF only three countries has been reprimanded, Myanmar, Nauru and the Ukraine. The countermeasures have been withdrawn from all three countries and as of mid 2006 there are no counter measures against any country.

Internationally, The United Nations (UN) Security Council passed Resolution 1373 which the UN members must take measures against those who commit terrorist acts including freezing their funds. Canada was one of the first countries to implement Resolution 1373. The United Kingdom created The Terrorism Act 2000, The Anti-Terrorism Crime and Security Act 2001 and Orders in Council implementing UN Security Resolution 1373 and 1390. With these Acts the UK has frozen the assets of over 100 organizations and over 200 individuals. After 9/11 the UK froze over $100 million in

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