Since September 11th, the United States has been working very closely with the international community and the United Nations (UN)1390 Sanctions Committee on targeted financial sanctions to freeze the assets of terrorists and their networks.

 

The United Nations and the Committee have taken this fight seriously, and it is again encouraging to see the UN focus on the threat Al Qaida poses to the international community of civilized nations. We agree with this sense of urgency and call on all countries, as we have done consistently since 9/11, to take preventative, proactive steps to attack the financial network of al Qaida and other terrorist groups.

 

That being said, the monitoring report from the 1390 Committee is limited in scope because it bases its analysis in large part on the reports submitted by countries pursuant to UNSCR 1373 and on research done by members of that committee. These reports and the committee's research, though very important, do not provide a complete picture of the success of our overall campaign to date. The report cited by the Washington Post today does not focus on other elements of the campaign against terrorist financing. As a result, it is an incomplete picture of the financial war against terrorism.

 

International cooperation has been strong and consistent. Since September 11th, the United States and other countries have frozen more than $112 million in terrorist-related assets. As a result of our efforts - including today's action adding 25 additional individuals and entities to the list - 234 individuals and entities are currently designated as financiers of terror and their access to the international financial system is blocked. We have a strong history of international cooperation in freezing terrorist-related assets. Over 160 countries have blocking orders in force, hundreds of accounts worth more than $70 million have been blocked abroad, and foreign law enforcement have acted swiftly to shut down terrorist financing networks and arrest financiers.

 

Shutting down Al Qaida finances is not just about sanctions.  We are pleased with the success of the terrorist financing efforts, but dollars seized is the narrowest measure of success. The point isn't grabbing dollars in bank accounts when freezing orders go into place, it is destroying the financial infrastructure of terrorism. That means seizing money, but it also means dismantling the channels of funding, deterring those who would give aid and support to terrorists, and following the leads to terrorist cells.  For example, the German government just yesterday charged a money handler for the 9/11 plots, and the U.S. government this week announced the indictment of 6 individuals suspected of conspiring to provide material support to terrorists.  In addition, Operation Green Quest - a Treasury -led inner-agency task force - has seized over $16 million in bulk cash being smuggled.

 

Our top priority is to prevent terrorist attacks by disrupting terrorist finances. We are committed to exposing, isolating and incapacitating the financial infrastructure of terrorist organizations worldwide. The President has made clear that this is a long, difficult struggle. The effort to shut down financial support is very difficult. We have made much progress, and much remains to be done.

We are confident that our efforts are having real-world effects. Al Qaida and other terrorist organizations are suffering financially as a result of our actions. We also believe that potential donors are being more cautious about giving money to organizations where they fear that the money might wind up in the hands of terrorists. In addition, greater regulatory scrutiny in financial systems around the world is further marginalizing those who would support terrorist groups and activities.

 

Admittedly, there is much more work to do, and we must do so with urgency. Since 9/11, the U.S. government and the world have been identifying gaps in our efforts and have been working diligently to deal with these issues, like the abuse of charities and hawalas. Our campaign against terrorist financing is a long term and complex endeavor that requires concrete actions from the international community. The fight against Al Qaida and terrorism demands this type of commitment.