Terror Financing Package Passes U.S. House
by Christopher W. Holton
The U.S. House of Representatives has passed a package of counter-terrorism financing legislation aimed at strengthening national strategy to combat terrorist financing activities.
Rep. Mike Fitzpatrick, chairman of the Financial Services Task Force to Investigate Terrorism Financing, said, “Any terrorist organization or rogue actor needs access to the global financial system to sustain their operations. By restricting funding, we deprive groups like ISIS, Boko Haram and al Shabaab of their ability to operate and carry out their vicious acts. The House voted to make certain U.S. policy considers every option to combat the threats posed by these deadly organizations. I thank the Task Force for sounding the alarm on the dangerous global impact of illicit financing.”
The House advanced bills requiring the president, acting through the Treasury Secretary, to develop and publish an annual government strategy to combat money laundering and terror financing; requiring the Treasury Department to investigate ways to incorporate U.S. Embassies into counter-terrorism financing efforts and to improve anti-terror finance monitoring of cross-border fund transfers; and authorizing the Treasury Secretary to include all funds when issuing certain geographic targeting orders, including funds in an electronic fund transfer.
The bills now go to the U.S. Senate.
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