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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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MARK PIETH AND STEPHANIE EYMANN - Combating the financing of terrorism: the ‘Guantanamo Principle’ 163

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MARK PIETH* AND STEPHANIE EYMANN** Combating the financing of terrorism: the ‘Guantanamo Principle’ I. ‘Starving’ terrorists of money During the 1990s, the financial sector became increasingly involved in combating various forms of so-called ‘macro-criminality’,1 i.e., trans- national economic and organised crime, serious state supported human rights violations and drug trafficking. The role of banks and financial intermediaries as ‘gatekeepers’ of the financial system in the effort to combat the illicit drug trade and detect money laundering had condi- tioned them to be particularly aware of ill-gotten gains.2 * Professor of Criminal Law, University of Basel, Switzerland. ** Research Fellow, University of Basel, Switzerland. 1 Mark Pieth, ‘Criminalizing the Financing of Terrorism’, Journal of International Criminal Justice, (4) 2006: 1074 et seq. 2 Cf., from the UN: Convention against Illicit Traffic in Narcotic Drugs and Psy- chotropic Substances of 19 December 1988; Council of Europe, Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime (COE 141) of 8 November 1990; from the Financial Action Task Force (FATF): The Forty Recommendations of the on money laundering (1990/1996/2003) of 20 June 2003; from the European Union (EU): First Directive on Prevention of the Use of the Financial System for the Purpose of Money Laundering (OJ L166) of 28 June 1991, 77–83, Second Directive on Prevention of the Use of the Finan- cial System for the Purpose of Money Laundering (OJ L344) of 28 December 2001, 76–82, and Third Directive on Prevention of the Use of the Financial Sys- tem...

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