Chapter 8: Domestic Asset Freeze
Today, we have launched a strike on the ﬁnancial foundation of the global terror network. . . . We will direct every resource at our command to win the war against terrorists, every means of diplomacy, every tool of intelligence, every instrument of law enforcement, every ﬁnancial inﬂuence. We will starve the terrorists of funding. President George W. Bush, September 24, 2001, announcing Executive Order 13224 EXECUTIVE ORDER 13224 Overview The centerpiece of the U.S. Government’s strategy to deprive al Qaeda and its global network of the funding needed to plan and launch deadly terrorist strikes is to freeze the assets of terrorists, terrorist-related entities, and also their ﬁnancial supporters and sympathizers. The domestic authority to block terrorist funds derives from Executive Order (E.O.) 13224 issued by President George W. Bush on September 23, 2001.1 A few days after al Qaeda terrorists hijacked four American commercial jetliners and used three of them as missiles against the World Trade Center twin towers and the Pentagon,2 President Bush invoked his authority under the International Emergency Economic Powers Act (IEEPA).3 The IEEPA authorizes the President to declare a national emergency ‘to deal with any unusual and extraordinary threat, which has its source in whole or substantial part outside the United States, to the national security, foreign policy, or economy of the United States’4 The President determined that the grave acts of terrorism and threats of terrorism committed by foreign terrorists, including the terrorist attacks in New York, Washington, D.C., and Pennsylvania on September...
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