IRAQ: US Treasury Department Cracks Down on Terrorism Financing Regulations
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The United States Treasury Department’s Office of Terrorism and Financial Intelligence (TFI) has launched a comprehensive approach to disrupt and deter the funding networks of terrorist organizations in Iraq, as part of its efforts to combat terrorism financing.
Combating Terrorism Financing
The TFI plays a critical role in US counterterrorism efforts by identifying, disrupting, and deterring the funding mechanisms of terrorist groups. Its multi-faceted strategy includes:
- Intelligence analysis
- Targeted actions
- Bilateral engagement
- Attacking the finances of terrorists in Afghanistan and Pakistan
- Enhancing transparency in the financial system
- Developing and applying targeted economic and financial measures
- Fostering a global approach to combating terrorist financing
- Engaging in comprehensive private sector outreach
- Coordinating with other US government agencies
Iraq: Establishing a Threat Finance Cell
In Iraq, the TFI has established a Threat Finance Cell (TFC) to identify and disrupt financial networks related to terrorism, narcotics trafficking, and corruption. The cell works with specially-vetted Afghan authorities to conduct raids of hawalas suspected of illicit financial activities.
Afghanistan and Pakistan: Denying Terrorist Groups Access to Funds
The Treasury Department has intensified its efforts in Afghanistan and Pakistan, working to deny terrorist groups access to funds. Its approach is grounded in efforts to disrupt and dismantle illicit financial networks and build domestic capacities within Afghanistan.
Global Presence
In addition, the TFI has established a presence in key regions, including:
- Abu Dhabi
- Jerusalem
- Riyadh
- Islamabad
- Kabul
This presence enables enhanced cooperation with foreign governments and promotes international standards that enhance transparency of the international financial system.
Results
The US Treasury Department’s efforts have yielded significant results, including:
- Arrests and prosecutions of terrorist financiers and facilitators
- More robust controls on funding streams emanating from key countries to extremists in Afghanistan and Pakistan
By disrupting and deterring the funding networks of terrorist organizations, the TFI is playing a critical role in combatting terrorism financing and keeping our nation safe.