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How could states attempt to curb the flow of money to prevent terrorist/criminal organizations from financing their operations
The 9/11 attacks brought an international sense of urgency to disrupting terrorists' financial networks. Within a few weeks, the UN Security Council adopted a wide-ranging resolution demanding countries take action to suppress terrorist financing. [ The following month, the Financial Action Task Force, an intergovernmental body, issued a list of recommendations that became the basis for many governments' efforts. These included passing legislation specifically criminalizing terrorist financing, requiring financial institutions to report suspicious transactions, creating a greater degree of
international cooperation in tracking down terrorist financiers, and ratifying the UN convention on financing terrorism, a step that has been taken by 150 countries. Like several other nations, the United States created a special agency—the Office of Terrorism and Financial Intelligence—to coordinate these efforts. The Patriot Act, along with subsequent legislation, created tough legal measures to combat terrorist financing. Banks must now report any suspicious activities and are also required to check their clients and third parties involved in transactions against a list of suspected terrorists. While these measures have been fairly effective within the United States, Napoleoni says terrorists have simply "shifted all the money to Europe." ]
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Expert answered|selymi|Points 9876|
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Asked 1/10/2013 12:40:29 PM
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