Sunday, 29 July 2007

World: International Community Said Successful Against Terror Financing

LONDON, July 28, 2007 (RFE/RL) – Experts at a London conference say the international community is slowly winning the war against terrorist financing, despite the fact that funds can be moved around the world so easily in today’s globalized financial system.

Terrorists need money. They need money to acquire weapons and carry out attacks, to proselytize and to train recruits, to pay for accommodation, and to travel.

Stopping The Flow

They cannot operate without financing, and they have devised many ways to get the money they need and move it around between countries and continents.

Stopping the flow of money presents many obstacles. Experts say most of the funds used by terrorists are legally acquired. Terrorist cells are hard to penetrate, there are fewer large donors these days and small donors are difficult to track.
This prompts the question of whether the international community is actually succeeding in fighting against terrorist financing. But the answer seems to be a qualified "yes."

Peter Romaniuk is an assistant professor at the John Jay College of Criminal Justice at the City University of New York. Romaniuk and others were the speakers at an international conference on fighting terrorism financing in London’s Royal United Services Institute for Defence and Security Studies this week. [Read more]

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