Combating Terrorism Federal Agencies Face Continuing Challenges in Addressing Terrorist Financing and Money Laundering

By Yager, Loren

Book Id: WPLBN0000056988
Format Type: PDF eBook
File Size: 0.2 MB
Reproduction Date: 2005

Title:	Combating Terrorism Federal Agencies Face Continuing Challenges in Addressing Terrorist Financing and Money Laundering
Author:	Yager, Loren
Volume:
Language:	English
Subject:	Government publications, Accountability in government, United States. General Accounting Office
Collections:	Government Library Collection, Government Accountability Integrity Reliability Office Collection
Historic Publication Date:
Publisher:	United States General Accounting Office (Gao)


Citation APA MLA Chicago Yager, L. (n.d.). Combating Terrorism Federal Agencies Face Continuing Challenges in Addressing Terrorist Financing and Money Laundering. Retrieved from http://www.gutenberg.us/

Description
Government Accountability Integrity Reliability Office Collection

Excerpt
Excerpt: The U.S. government faces various challenges in determining and monitoring the nature and extent of terrorists? use of alternative financing mechanisms, according to GAO?s November 2003 report. Alternative financing mechanisms are outside the mainstream financial system and include the use of commodities (cigarettes, counterfeit goods, illicit drugs, etc.), bulk cash, charities, and informal banking systems to earn, move, and store assets. GAO recommended more systematic collection, analysis, and sharing of information to make alternative financing mechanisms less attractive to terrorist groups. In response to our recommendation that the FBI, in consultation with other agencies, systematically collect and analyze information on terrorists? use of these mechanisms, Justice did not specifically agree or disagree with our recommendation, but other agencies agreed with the need for improved analysis. The Treasury agreed with our recommendation to issue an overdue report on precious stones and commodities, but it remains unclear how the resulting product may be used as the basis for an informed strategy as expected under the 2002 NMLS. The Internal Revenue Service (IRS) agreed with our recommendation to develop and implement procedures for sharing information on charities with states and issued IRS procedures and state guidance on December 31, 2003.