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    Terrorism Financing ‘More Difficult’ Through US Financial System - Treasury

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    Efforts to prevent the US financial system from being used by terrorist groups has made terrorist financing more costly and less efficient, the US Department of the Treasury said in the National Terrorist Financing Risk Assessment report, issued on Friday.

    WASHINGTON (Sputnik) — The report noted a combination of international and domestic regulatory and law enforcement efforts have decreased the use of the US financial system for terrorism finance.

    “The US Government has made it substantially more difficult for terrorist organizations to raise and move money through the US financial system since the September 11, 2001 attacks.”

    The measures have forced terrorist groups and their financiers to use methods outside the US financial system to fund operations, according to the report.

    “Such channels outside of the regulated financial system are riskier than straight forward bank transfers, making them more vulnerable to disruption and exposure.”

    However, the report also noted that given the predominate role of the US financial system in global finance, it still remains vulnerable to use by terrorists.

    “The central role of the US financial system within the international financial system and the sheer volume and diversity of international financial transactions that in some way pass through US financial institutions expose the US financial system to terrorism financing risks that other financial systems may not face.”

    The report warned that despite US government successes, terrorism financing is constantly evolving and requires constant vigilance by regulators and law enforcement.


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