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Countering Terrorist Financing

The practitioner’s point of view

Edited By Mark Pieth, Daniel Thelesklaf and Radha Ivory

Terrorists need money to commit acts of violence and sustain their operations. Measures to combat terrorism therefore aim to prevent terrorists from raising, moving and using funds or other assets. The effectiveness – and the fairness – of these measures were considered at the second ‘Giessbach’ seminar on counter-terrorist financing (CTF) organised by the Basel Institute on Governance in October 2008.
This book contains essays presented at the seminar written by practitioners and academics with extensive experience in the field of CTF. The authors offer a diversity of views on the domestic, regional and international initiatives aimed at detecting terrorist funds in the financial system, preventing terrorists from moving their money via alternative financial channels and facilitating the recovery of terrorist assets. The editors conclude with in-sights into the ongoing challenge of making CTF measures both effective and legally sustainable in the lead-up to Giessbach III in December 2009.

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BOB UPTON - The financing of terror: a private sector perspective 25

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BOB UPTON The financing of terror: a private sector perspective Nothing great is easy. Captain Matthew Webb (1848–1883) 1 I. Introduction Combating international terrorism requires the development and de- ployment of a range of tools targeting those who promote, sponsor, facilitate and execute acts of terror. States, as well as public and pri- vate sector actors within states, must work together if law enforcement is to effectively deter and detect cross-border terrorist activity. Recognising this, states agreed to a range of new measures to combat terrorism and terrorist financing following the terrorist attacks on New York and Washington (DC) on 11 September 2001 (9/11). Amongst other things, the United Nations Security Council (UNSC) passed resolutions imposing sanctions on terrorists and their assets and the Financial Action Task Force (FATF) made nine ‘Special Rec- ommendations’ on terrorist financing and began reporting on financ- ing typologies. At the national level, governments gave law enforce- The comments and opinions expressed in this chapter are entirely that of the author. They are based on his long experience within a large retailing banking environment and his role as the Deputy Group Money Laundering Reporting Of- ficer. They also embrace his wider international experience as an AML consult- ant. This article therefore provides a personal perspective which may not neces- sary be representative of his former employer or all firms within the reporting sector. 1 British endurance swimmer and the first man to swim the English Channel. Bob Upton 26 ment agencies increased powers for...

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