15: Countering the financing of terrorism: money laundering in reverse

The 9/11 attack on the World Trade Center in New York sent countering terrorist finance (CFT) to the top of the global agenda. The task of implementation was given to the anti-money laundering (AML) agencies as the FATF had built a global network of Financial Intelligence Units. Although that attack was financed, most terrorist attacks are inexpensive and tracking the money before it is used for terrorism is a significant challenge.

The authors discuss the unhappy marriage of AML and CFT and explore the technical contrasts between the two phenomena. They conclude that the marriage is acceptable because the war on terror raises the level of political will for AML.

The temporary nature of United Nations sanctions as a weapon against dirty money is explored and its long-term efficacy questioned.

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