Chapter 9: International Asset Freeze
[T]he ﬁnancing of terrorism is a matter of grave concern to the international community as a whole.1 Convention for the Suppression of the Financing of Terrorism, December 9, 1999 THE INTERNATIONAL LEGAL DUTY TO FREEZE TERRORIST-RELATED ASSETS In response to the September 11, 2001 terrorist attacks and the growing prevalence of terrorist activities around the world, the international community has devised and implemented a global legal framework to freeze the funds and other assets of individuals and groups who ﬁnance acts of terrorism. The U.N. Security Council has played a critical leadership role in developing, revising, strengthening and implementing the legal regime.2 The Security Council has adopted numerous resolutions imposing important duties on Member States to prevent and suppress the ﬁnancing of terrorism.3 Among other things, these resolutions require countries to ‘freeze without delay’ the funds, ﬁnancial assets and economic resources of Osama bin Laden, members of al Qaeda, the Taliban and persons and entities associated with them.4 The international economic sanctions regime established by these resolutions is ‘the sole vehicle for truly global action against the twin threats of Al-Qaida and the Taliban.’5 The 1999 International Convention for the Suppression of the Financing of Terrorism (Terrorist Financing Convention), also recognizing the need for the world community to work in concert to deprive terrorists of funding, complements the work of the Security Council.6 The Terrorist Financing Convention is supported by 132 signatories, including the United States.7 Among other important duties, it requires parties to the Convention to enact domestic...
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