1 / 19

‘The financial war on terror – a ten year review of counter-terrorist financing strategies'.

‘The financial war on terror – a ten year review of counter-terrorist financing strategies'. Dr Nicholas Ryder University of the West of England Wednesday 12 th October 2011. Abstract. The costs of terrorist attacks Sources of terrorist finances The impact of 9.11

clinton-fletcher
Download Presentation

‘The financial war on terror – a ten year review of counter-terrorist financing strategies'.

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. ‘The financial war on terror – a ten year review of counter-terrorist financing strategies'. Dr Nicholas Ryder University of the West of England Wednesday 12th October 2011

  2. Abstract • The costs of terrorist attacks • Sources of terrorist finances • The impact of 9.11 • The International Community • What is the financial war on terror? • United States of America • United Kingdom • Conclusion

  3. World Trade Centre Bombing, 1993, $139Ramzi Yousef ‘we ran out of money to bring both towers down’

  4. The London terrorists attacks, July 2005, £150-200

  5. The Madrid bombings, 2004, $10,000

  6. The Bali night club, $74,000

  7. 9.11, $500,000

  8. Sources of Terrorist Financing • State Sponsors of terrorism: • Sudan, Iran, Cuba and Syria (Department of State, www.state.gov) • Saudi Arabia? (http://www.youtube.com/watch?v=t8JMkYloLWU&feature=related) • Private terrorist moneys may be classified into two categories on the basis of their origin: • legitimate, and unlawful funds • Khalid Sheik Mohammed

  9. Sources of Terrorist Financing • Charities • Holy Land Foundation • Home Office (2006) – alleged link to 7th July 2005 • http://www.youtube.com/watch?v=ONIslJnGuXQ • Taliban funds increasing • http://www.youtube.com/watch?v=0JjCnQ74uo8&feature=related

  10. The Impact of 9.11 • International community not focused on terrorist financing • Concentrated on • Money laundering • Illegal drugs trade • Galvanising factor

  11. International Community • United Nations • Resolution A/RES/51/210 (1996) • International Convention for the Suppression of Terrorist Financing (1999) • UN Security Council Resolution 1267 (1999) • This imposed a range of sanctions against the Taliban regime in Afghanistan following the US embassy bombings in Nairobi and Dar es Salaam in 1998 • UN Security Council Resolution 1373 (2001) • Criminalised offence of terrorist financing • Countries required to freeze financial and economic assets • Nationals preventing from making funds available • Established the Counter-terrorism Committee

  12. International Community • Financial Action Task Force • 40 Recommendations • 9 Special Recommendations • Recommendation 1 – criminalise terrorist financing • Recommendation 2 – ratify and implement UNSC 1373 • Recommendation 3 – freeze funds pursuant to 1267 • Recommendations 4 and 5 – preventative CFT measures including suspicious activity reports • Recommendations 5-9 – concentrate on vulnerable areas including alternative remittance systems, wire transfers, the non profit sector and cash couriers. • Soft law measures • Non co-operative countries and territories list

  13. International Community • European Union • Council framework decision on combating terrorism [2002] OJ L164/3 • Council Common Position [2001] OJ L344/93 • Council Regulation (EC) 2580/2001 • Council Regulation (EC) 881/2002 • Council Regulation (EC) 561/2003

  14. What is the financial war on terror? • Instigated by President George Bush on September 20th 2001? • http://www.youtube.com/watch?v=K7YxYFX_FtA • No, instigated by President Bill Clinton: • Presidential Executive Order 12,947 • Presidential Executive Order 13,099 • Presidential Executive Order 13,129

  15. What is the financial war on terror? • President George Bush • Presidential Executive Order 13,224 • USA Patriot Act 2001 • Department of Treasury • Office of Foreign Assets Control

  16. United States Counter Terrorist Financing Policy • The policy can be divided into three parts: • Criminalisation • Freezing of assets (association, suspected or known terrorists) • Suspicious activity reports • FinCEN guidelines permit racial profiling

  17. United Kingdom Counter Terrorist Financing Policy • The policy can be divided into three parts: • Criminalisation • Freezing of assets (association, suspected or known terrorists) • Suspicious activity reports • Recent developments • A v HM Treasury [2010] UKSC 2 • Terrorist Asset-Freezing etc. Act 2010

  18. Conclusion • Has the financial war on terror been a success? • Media friendly headlines • Freezing of terrorist assets • Unlimited array of sources • Very small number of convictions • Financial intelligence approach flawed

  19. ‘The financial war on terror – a ten year review of counter-terrorist financing strategies'.

More Related