June 25, 2015 | Quote

Terrorism Financing Task Force Evaluates Security of U.S. Financial Sector

The Financial Services Task Force to Investigate Terrorism Financing held a hearing on Wednesday to examine how terrorist groups exploit the U.S. banking system to raise and launder their revenue.

“The U.S. financial sector is too important for this task force to overlook when seeking to address the nexus of terrorism and finance. The continued innovation and evolution by our enemies highlights the importance of this body’s role in the fight against terror. The United States must do better when defending our financial system and addressing the threats operating within it. The risk is too great to ignore,” said Task Force Chairman Michael Fitzpatrick (R-PA). 


“Illicit financing networks, like the business of most enterprises, almost always implicate more than one financial institution. Whether in the process of raising, moving, using or laundering funds associated with illicit activity, such networks almost invariably transact across multiple financial institutions. For the illicit financing networks of most pressing concern, transactions also often cross multiple jurisdictions. Identifying, tracking and tracing these networks therefore depends critically upon information-sharing across financial institutions and across borders.” Chip Poncy, Senior Counselor, Center on Sanctions and Illicit Finance at the Foundation for Defense of Democracies


Read the full article here.