Treasury official calls for global moves against terror

Any strategy intended to disrupt the ability of terrorists to raise funds and finance future attacks must be international in nature, Treasury Undersecretary for Enforcement Jimmy Gurule said Thursday.

Gurule, in an address to the D.C. Bar Association, called the fight against terrorist financing "a complex problem that will involve years of careful diplomacy and innovative thinking."

The reasons why the fight is international in nature "are obvious," Gurule said. "First, terrorism is a global problem. Second, money is a fluid commodity that can be wired around the world in seconds. Third, because of the strict federal bank reporting requirements and aggressive forfeiture laws, terrorist funds are not likely to be held in U.S. banks," he said.

Gurule noted that development of an international strategy to deplete terrorist funding poses "enormous challenges" not only because foreign governments have different legal regimes, but also because some countries have not enacted anti-terrorist financing, money laundering, or asset forfeiture laws.

"Our strategy, both domestically and internationally, is designed to be a preventative approach," Gurule continued. "Our challenge is to harness the international interest in the terrorist financing issue into worldwide action. We believe that we have made some important steps in the right direction but I want to point out that this fight will be a marathon and not a sprint. We are just beginning."

One critical component of the United States' long-term effort to dismantle terrorist financing lies in "the development of personal relationships with our counterparts abroad," Gurule said, noting that Treasury Secretary Paul O'Neill has traveled to Europe, Asia and the Middle East in an effort to enlist cooperation there.

"Close relations and regular communication with our global partners is critical to our success in combating terrorism now and in the future," Gurule added.

Gurule delivered these remarks as U.S. and Chinese officials remained in the midst of meetings this week at the Treasury Department to exchange views on how to prevent and combat terrorist financing. The meeting is the first of other semi-annual meetings planned to deal with the issue, at which the United States and China will alternate as hosts.

On a related note, Senate Banking International Trade and Finance Subcommittee Chairman Evan Bayh, D-Ind., announced Friday he will hold a hearing Tuesday on the role of foreign and U.S.-based Islamic charities and non- governmental organizations in the financing of terrorist activities.

Stay up-to-date with federal news alerts and analysis — Sign up for GovExec's email newsletters.
FROM OUR SPONSORS
JOIN THE DISCUSSION
Close [ x ] More from GovExec
 
 

Thank you for subscribing to newsletters from GovExec.com.
We think these reports might interest you:

  • Going Agile:Revolutionizing Federal Digital Services Delivery

    Here’s one indication that times have changed: Harriet Tubman is going to be the next face of the twenty dollar bill. Another sign of change? The way in which the federal government arrived at that decision.

    View
  • Cyber Risk Report: Cybercrime Trends from 2016

    In our first half 2016 cyber trends report, SurfWatch Labs threat intelligence analysts noted one key theme – the interconnected nature of cybercrime – and the second half of the year saw organizations continuing to struggle with that reality. The number of potential cyber threats, the pool of already compromised information, and the ease of finding increasingly sophisticated cybercriminal tools continued to snowball throughout the year.

    View
  • Featured Content from RSA Conference: Dissed by NIST

    Learn more about the latest draft of the U.S. National Institute of Standards and Technology guidance document on authentication and lifecycle management.

    View
  • GBC Issue Brief: The Future of 9-1-1

    A Look Into the Next Generation of Emergency Services

    View
  • GBC Survey Report: Securing the Perimeters

    A candid survey on cybersecurity in state and local governments

    View
  • The New IP: Moving Government Agencies Toward the Network of The Future

    Federal IT managers are looking to modernize legacy network infrastructures that are taxed by growing demands from mobile devices, video, vast amounts of data, and more. This issue brief discusses the federal government network landscape, as well as market, financial force drivers for network modernization.

    View
  • eBook: State & Local Cybersecurity

    CenturyLink is committed to helping state and local governments meet their cybersecurity challenges. Towards that end, CenturyLink commissioned a study from the Government Business Council that looked at the perceptions, attitudes and experiences of state and local leaders around the cybersecurity issue. The results were surprising in a number of ways. Learn more about their findings and the ways in which state and local governments can combat cybersecurity threats with this eBook.

    View

When you download a report, your information may be shared with the underwriters of that document.