Terrorist Financing

Terrorist Financing

The Failure of Counter Measures

Nick Ridley

For over a decade international efforts by law enforcement, government and financial regulatory authorities have been deployed in combatting terrorist financing, in good faith and with dedication beyond reproach. This book surveys the methods of financing of numerous terrorist groups and organisations – including the Chinese and Asian dimension – and considers why ultimately international efforts to combat the financing of terror are failing. Nick Ridley expertly illustrates the scale of the problem by first outlining the strategies of anti terrorist financing, the pre and post 9/11 differences in scope and extent of terrorist attacks, the financial support and the national and international efforts to implement and carry out countermeasures. He then goes on to set out a detailed analysis of the apparent failure of such counter measures to date.

Chapter 9: Conclusion

Nick Ridley

Subjects: law - academic, finance and banking law, terrorism and security law, politics and public policy, terrorism and security

Extract

International efforts at co-operation on most major crime issues over a period of a decade are beset with difficulties, which interact and are interrelated. Terrorist financing is no exception. Simplifying and summarizing the causes of such difficulties is no easy task. In the context of the sudden and cataclysmic impact of the terrorist attacks of 9/11 and the perceived necessity for speedy international reaction, the difficulties and failures of the international efforts against terrorist financing are complex in both their cause and effect. The reasons for the failure of international efforts against terrorist financing in the first decade of the twenty-first century are due to three main factors. The first is the inherent legal difficulties contained in the definition of terrorism and terrorist financing, compounded by the sensitive nature of the intelligence of financial data held by financial institutions and accessible to law enforcement agencies only under well defined terms and constraints. The second is the delay by international law enforcement and financial regulatory authorities in recognizing certain potential modus operandi being utilized by terrorist groups for terrorist funding and illicit transfer of funds.

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