House releases terrorism financing report

Last week, the House Financial Services Committee’s Task Force to Investigate Terrorism Financing released a bipartisan report of its 12 month long probe into the threat terror financing poses to the U.S. financial system. The task force’s report focuses on financial crimes that support terrorist acts or organizations.

According to the report, terrorist financiers present a real threat to national security, and new financing technologies have arisen since 9/11 that require constant renewal of detection and disruption methods. “Fighting the financial war against terror demands constant innovation and vigilance,” said Financial Services Committee Chairman Jeb Hensarling (R-TX).

The report makes many recommendations regarding interagency cooperation to combat financial crimes that support terrorism, including:

• Better interagency coordination and resource allocation;
• Better use of and access to information that can identify illicit finance;
• Continued attention to helping developing countries fight illicit finance;
• A greater domestic and international focus on stopping trade-based money laundering;
• Development of a whole-of-government strategy to combat terror finance and other forms of financial crimes; and
• Re-animation of the interagency Terrorist Financing Working Group

The report also reviews five bipartisan bills aimed at addressing financing threats.

For more information about the report, please follow the links below.
Stopping Terror Finance: Securing the U.S. Financial Sector, U.S. House of Representatives Financial Services Committee
Terrorism Financing Task Force Releases Results of Two-Year Investigation, U.S. House of Representatives Financial Services Committee