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Roadblocks Cited in Efforts to Trace bin Laden's Money - Global Policy Forum - Nations ar Page 1 of 5
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Roadblocks Cited in Efforts to Trace bin Laden's Money By Tim Weiner and David Cay Johnston New York Times September 20, 2001 A six-year struggle to uncover Osama bin Laden's financial network failed because American officials did not skillfully use the legal tools they had, did not realize they needed stronger weapons, and faced resistance at home and abroad, officials involved in the effort say. Federal officials say they have not persuaded foreign banks to open their books to investigators and that in this country, a law that would have allowed the United States to penalize foreign banks that did not cooperate was blocked last year by a single United States senator. Current laws and regulations give the government less authority to seize the assets of terrorists than of drug cartels, one federal investigator said; it may seize only assets that are the direct proceeds of terrorist violence. For drug cartels or organized crime gangs, it can seize any assets used to support their activities. Investigators also attribute their inability to pierce Mr. bin Laden's financial network to an ancient system of cash transfers based on trust, not detailed records, that they say has spread from countries like Pakistan into the United States. Since last week's attacks, proposals to curb money laundering by terrorists have suddenly gained support among old opponents — including the Bush administration — after languishing for two years. The White House says it now wants an aggressive attack on money laundering, including stepped-up seizure of assets. The bin Laden organization operates in 35 countries and needs to move money to its members, American intelligence officials say. Tracing the money could reveal not only terrorists' sources of support, but their intentions.
http://www.globalpolicy.org/nations/launder/general/2001/0920uslaun.htm
5/6/2003
n
Roadblocks Cited in Efforts to Trace bin Laden's Money By Tim Weiner and David Cay Johnston New York Times September 20, 2001 A six-year struggle to uncover Osama bin Laden's financial network failed because American officials did not skillfully use the legal tools they had, did not realize they needed stronger weapons, and faced resistance at home and abroad, officials involved in the effort say. Federal officials say they have not persuaded foreign banks to open their books to investigators and that in this country, a law that would have allowed the United States to penalize foreign banks that did not cooperate was blocked last year by a single United States senator. Current laws and regulations give the government less authority to seize the assets of terrorists than of drug cartels, one federal investigator said; it may seize only assets that are the direct proceeds of terrorist violence. For drug cartels or organized crime gangs, it can seize any assets used to support their activities. Investigators also attribute their inability to pierce Mr. bin Laden's financial network to an ancient system of cash transfers based on trust, not detailed records, that they say has spread from countries like Pakistan into the United States. Since last week's attacks, proposals to curb money laundering by terrorists have suddenly gained support among old opponents — including the Bush administration — after languishing for two years. The White House says it now wants an aggressive attack on money laundering, including stepped-up seizure of assets. The bin Laden organization operates in 35 countries and needs to move money to its members, American intelligence officials say. Tracing the money could reveal not only terrorists' sources of support, but their intentions.
http://www.globalpolicy.org/nations/launder/general/2001/0920uslaun.htm
5/6/2003
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