Essay on Terrorist Financing - 2450 Words

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 terrorists assets have been frozen across the some†¦show more content†¦(U.S. Customs Service publication No. 0000-0171, October 2002) According to the U.S. Customs Service, Green Quest is in constant contact with law enforcement, intelligence, and financial establishments worldwide. Green Quest identifies several indicators of suspicious activity to serve as red flags or indicators for the banking community to further scrutinize. Operation Green Quest intends to target illicit charities, corrupt financial institutes, and underground financial systems known as Hawala which support terrorist organizations. The Green Quest initiative will also target credit card fraud, identity theft, counterfeiting, drug trafficking and bulk currency smuggling. The U.S. customs, Operation Green Quest, request the assistance from the individual banker, accountant, stock and commodity broker to report unusual or suspected transactions on voluntary basis. Listed in the pamphlet are 12 Red Flag indicators to be used for guidance. The Financial Action Task Force on Money Laundering (FAFT) was founded in 1989 by the G7 countries. The G7 countries consisted of the seven countries that represent 68% of the worlds economy, at that time there are now eight countries and is now called G8. There 33 participating countries supporting FAFT and 24 countries listed as uncooperative in the fight against financialShow MoreRelatedTen Years Of Eus Fight Against Terrorist Financing : Case Analysis775 Words   |  4 PagesBures took a critical look at the state of CTF and AML in a post 9/11 era. Bures (Ten Years of EU’s Fight against Terrorist Financing: A Critical Assessment, 2015) cited the perfect quote from the EU’s Revised Strategy on Terrorist Financing (2008) â€Å"financial tools, used proactively, are highly beneficial in the identification of terrorist networks and development of counter-terrorist intelligence.† When looking at CTF and AML operations it is imperative to set the criteria to jud ge an effective programRead MoreEssay on United States Threat Analysis2382 Words   |  10 Pageshistory has shown the Al-Qaeda network is very well structured, organized and resourceful. The United States Department of State has added the ASG to the list of Foreign Terrorist organizations. In 2002, while fighting in Operation Enduring Freedom (Afghanistan) we started fighting the Abu Sayyaf group along with other terrorist organizations in part by the U.S. War on Terror. The FBI is currently looking for Raddulan Sahiron and has put a reward of up to $1 million for information leading to hisRead MoreTerrorist Organizations Essay951 Words   |  4 Pagesorder more effectively combat terrorist financing, governmental entities, individual donors, and charities themselves must work together, do their due diligence when associating or donating to a particular charity, and conduct risk assessments to determine susceptibility to terrorist influence. The following are recommendations for (1) governmental entities, (2) individual donors, and (3) charities to adopt in order to more effectively combat the financing of terrorist organizations. a. RecommendationRead MoreUnited States And Western European Countries1422 Words   |  6 Pageslaundering of money or providing terrorists with funding, or possibly involves in like activities themselves. In the last few decades there has been a rigorous struggle, directed by the United States and Western European countries, to limit the occurrence of money laundering and terrorist financing by urging states to implement vigorous controls to counter such activities. It is clear that there is a long way to go before anti-money laundering and counter-terrorist financing organizations are able toRead MoreHow To Combat Terrorist Bombing After 9 / 11, 2001?901 Words   |  4 PagesIII. EFFORTS TO COMBAT TERRORIST FUNDING AFTER 9/11 a. International Efforts i. United Nations The first step taken by the United Nations to combat terrorist funding was in October 1999 with the adoption of Resolution 1267 (â€Å"UNSCR 1267†). UNSCR 1267 stated that the â€Å"Taliban regime [should] turn Osama bin Laden over without further delay because of his indictment in the United States for the bombings of the US Embassies in Kenya and Tanzania in 1998, and called on all member states to freeze fundsRead MoreThe United States929 Words   |  4 Pagesthe ICE created the Financial Investigations Divisions which was comprised of the Financial Investigations Program and Cornerstone which handle all cases concerning terrorist financing, with a focus on the three major sources. The Cornerstone program focuses on the commercial, financial and trade crimes that occur and fund terrorist groups. All of these programs are supported by the ICE’s own Office of Intelligence, which analysis all data for financial crimes. The ICE also provides assistance toRead MoreRole s of the Office of Terrorism and Financial Intelligence Essay839 Words   |  4 Pagesintelligence and enforcement functions with the aims of protecting the financial system against illicit use and combating rogue nations, terrorist facilitators, weapons of mass destruction (WMD) proliferators, money launderers, drug kingpins, and other national security threats. Terrorism and Financial Intelligence develops and implements U.S. strategies to combat terrorist financing domestically and internationally, develops and implements the National Money Laundering Strategy as well as other policies andRead MoreRed Flags ( Risks )1212 Words   |  5 Pagessuspicious or â€Å"red flags† which give rise to money laundering or terrorist financing risks, specifically; †¢ Funds transfer – large deposits from unconnected third parties in high risk jurisdictions and large cash deposits by the customer could indicate money laundering †¢ Activity inconsistent with customers business - Letter of credit for cement when the customer is a small trader (fruit and veg) – this could indicate terrorist financing (in Dec 2014 multiple press articles indicating â€Å"cement for rebuildingRead MorePrevention And Suppression Of International Terrorism1486 Words   |  6 PagesPrevention 1. Notes that for the purposes of this resolution: a. â€Å"Major Criteria† is any act that by itself constitutes a terrorist act, b. â€Å"Minor criteria† is any act which by its sole presence does not necessarily define a terrorist act, it is necessary the concurrence of at least two (2) of them to be regarded as such, c. â€Å"Facilities† are any public or private building, or means of transportation; 2. Instructs that for the purposes of this resolution, in accordance with the legal instruments relatedRead MoreTerrorism : Terrorism And Terrorism1377 Words   |  6 Pagesdesignated as a State Sponsor of Terrorism regarding support for international terrorist groups. However, Sudan has changed its approach ever since the 9/11 attacks has been aiding the United States in diminishing the pervasiveness of terrorist groups in Sudan, and in the world. Recently, Sudan has remained cooperative with the United States in its war on counter terrorism. Sudan has taken many preventive measures to keep these terrorist groups out of Sudan, and we are currently attempting to limit their influence