Terrorism Memo to the Department Term Paper

Pages: 3 (1040 words)  ·  Style: APA  ·  Bibliography Sources: 3  ·  File: .docx  ·  Topic: Terrorism


The U.S. currently uses the resources of the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which is located in Brussels and serves as a "hub for international funds transfers" (Elsea, CRS-1). What was the authority for the Treasury Department to access banking information from SWIFT? The authors of this report reference the Executive Order #13224, "Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism," signed by President George W. Bush on September 23, 2001, just days after the terrorist attacks on the Pentagon and on the World Trade Center (Elsea, CRS-2). President Bush had the power to issue that Executive Order under the "International Emergency Economic Powers Ace (IEEPA)," which is the statute 50 U.S. Code § 1701-1706 (Elsea, CRS-2).

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Other federal laws that have application to tracking terrorist finances include: a) The Bank Secrecy Act of 1970 (authorizes the Secretary of the Treasury to establish regulations that have "a high degree of usefulness in criminal, tax, or regulatory investigations"; b) Title III of the U.S.A. Patriot Act (permits forfeiture of accounts held in a foreign bank -- providing the bank has an "interbank account" with a U.S. bank -- and authorizes the Treasury Secretary to "require domestic financial institutions" to take "special measures" like forbidding transactions outside the U.S. -- from "special regions" like the Middle East); c) The Suppression of the Financing of Terrorism Convention Implementation Act (makes it a crime to conceal fundraising efforts or to collect funds that support terrorist activities); and d) The Intelligence Reform and Terrorism Prevention Act of 2004 (cross-border transmittals are regulated) (Elsea, CRS-4 & 5).

TOPIC: Term Paper on Terrorism Memo to the Department Assignment

What works well? How can local law enforcement interact with the federal government to control terrorist financing? The current federal laws outlined in this paper have been effective, and also the Financial Crimes Enforcement Network (FinCEN) has listed "publicly identified" jurisdictions that have been "uncooperative" in terms of identifying money flowing to and from terrorists' organizations. They are Bolivia, Cuba, Iran, Ethiopia, Ghana, Kenya, Myanmar, Nigeria, Ecuador, Indonesia, Pakistan, Sri Lanka, Syria, Turkey, Vietnam, among other nations (FinCen, 2012). Meanwhile, local law enforcement agencies (and first responders) have in recent years become closely linked in partnerships with the Department of Homeland Security (DHS). The sharing of information and intelligence between agencies, and the information that law enforcement agencies receive from DHS is vital in order to protect the safety of citizens. Indeed the DHS has "made progress in improving the domestic capabilities to direct and prevent terrorist attacks against America's people" (Homeland Security).

Works Cited

Breinholt, Jeff. (2003). Terrorist Financing. United States Attorney's Bulletin. 51(4).

Retrieved November 13, 2012, from U.S. Department of Justice.

Elsea, Jennifer K. And Murphy, Maureen M. (2006). Treasury's Terrorist Finance Program's

Access to Information Held by the Society for Worldwide Interbank Financial

Telecommunication (SWIFT). CRS Report for Congress. Congressional Research Service.

Retrieved November 13, 2012, from http://www.fas.org/sgp/crs/natsec/RS22469.pdf.

Financial Crimes Enforcement Network (FinCEN). Advisory. Retrieved November 13, 2012,

from http://www.fincen.gov.

Homeland Security. (2011). Law Enforcement… [END OF PREVIEW] . . . READ MORE

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