Report: Terrorists Use Cash, Avoid Financial Ties
An AP newswire article by Pamela Hess, via The Washington Post, reports that:
The international system for tracking and cutting off terrorist financing has achieved major successes but is fraying seven years after the Sept. 11 attacks, two former Treasury Department officials report. Some U.S. allies in the fight against terrorism pose the weakest links.More here.
U.N. countries froze the assets of some 300 al-Qaida and Taliban members after the 2001 attacks. By early 2004, 112 countries had ratified an international effort to suppress terrorist financing. In addition, al-Qaida is not providing money for operations at past levels. Instead, local cells increasingly are self-funded and send money back to "corporate" al-Qaida.
But international interest in continuing to comply with U.N. enforcement rules is waning, according to the former officials, and terrorists have shifted from official financial institutions, frustrating government efforts to cut off their money streams.
"Few assets are now being frozen and, in fact, many countries still have not put in place the legal framework necessary to take action," the report states. The arms embargo and travel ban against those on the list have not been enforced.