Concluding its research into stopping the financing of terrorism, the bipartisan Task Force to Investigate Terrorism Financing of the U.S. House of Representatives's Financial Services Committee has released a report of its findings. Stopping Terror Finance: Securing the U.S. Financial Sector, is the product of 11 hearings over two six-month periods, beginning in April 2015.
The Department of Treasury has continuously mischaracterized international U.S. charities as a national security threat since 2001.
Using Treasury's own data, it is clear that charities do not make up a significant portion of Specially Designated Global Terrorists (SDGTs). These figures suggest that U.S. based charities represent less than two percent of organizations with suspected ties to terrorists.
Concluding its research into stopping the financing of terrorism, the bipartisan Task Force to Investigate Terrorism Financing of the U.S. House of Representatives's Financial Services Committee has released a report of its findings. Stopping Terror Finance: Securing the U.S. Financial Sector, is the product of 11 hearing over two six-month periods, beginning in April 2015.
The report notes that terrorists obtain some of their funding through charitable organizations, but explains that usually this is carried out through sham charities, rather than any charitable organization recognized by the U.S. government.
In anticipation of the Financial Action Task Force’s (FATF) evaluation of U.S. implementation of its anti-money laundering and terrorist financing (AML/TF) standards, the U.S. Department of Treasury published the first National Terrorist Financing Risk Assessment on June 12, 2015.
Gauging the effectiveness of the Financial Action Task Force’s policy and assessment mechanisms for laws to prevent terrorist financing and money laundering was the central question of a speech delivered by the organization’s president on March 15, 2013. Speaking before a European conference on money laundering and terrorist financing, FATF President Bjørn S. Aamo asked, “Does the system work?” As part of the FATF’s answer, it produced risk assessment guidance (February 2013) and also updated its methodology (February 2013) for evaluating the level of individual country’s compliance with its 2012 recommendations (and interpretive notes) on anti-money laundering (AML) and counter-terrorist financing (CTF) controls.
Because the U.S. government hasn't designated any charities under Executive Order 13224 since 2009, if you're a U.S.-based charity, you likely thought the danger had passed. Well, think again. Not everyone thinks that's a good thing it seems.
Effective as of December 2008, the U.S. Department of Treasury's Office of Foreign Assets Control (OFAC) has expanded its scope of mandatory licensing affecting legal services available under the Global Terrorism Sanctions Regulations and payment for legal services under the Foreign Terrorist Organizations Sanctions Regulations.
The global war on terror has “successfully degraded two very important funding streams,” powerful private donors and state sponsors, said Michael Braun, Managing Partner of SGI Global, LLC and a former DEA Chief of Operations, during his testimony at the June 8 hearing of the House Financial Services Committee’s Task Force to Investigate Terrorism Financing. As a result, many terror organizations have had to resort to “a
The Department of Treasury has made broad statements charging the U.S. charitable sector with being a significant source of terrorist financing and support. But evidence to support these claims has not been forthcoming. As a result, there has been significant disagreement between Treasury and the nonprofit sector on the extent and nature of the relationship between charities and terrorists. The issue is highlighted by the fact that Treasury's Annex to the Guidelines only cites examples of alleged crimnal activity by foreign charities.
The Office of Foreign Assets Control (OFAC) within the U.S. Department of Treasury is tasked, in part, with ensuring that money from U.S. persons and entities does not fall into the hands of terrorist groups. An array of sanction laws have been enacted that make it a crime for money to go to certain countries (for example, Iran and Syria) and certain organizations (for example, Hamas and al-Qaeda). OFAC has the authority both to enforce these laws, by freezing the assets of any U.S. group or individual who violates them, and to provide exceptions to these laws through licenses.
The Palestinian territories receive some of the highest amount of humanitarian aid of any place in the world from the U.S. government and charitable donors.[i] Most of this aid goes to the West Bank. The flow of aid dollars hits a significant barrier when it comes to the other Palestinian territory, the Gaza Strip. The elected government in Gaza, Hamas, was listed as a terrorist group by the U.S.