Find a Security Clearance Job!

Military

24 September 2001

Fact Sheet: Executive Order on Terrorist Financing

(Describes U.S. strategy on blocking terrorist financing) (580)
Following is the September 24 White House fact sheet:
(begin fact sheet) 
THE WHITE HOUSE
Office of the Press Secretary
September 24, 2001
Fact Sheet
Executive Order on Terrorist Financing
"We will starve terrorists of funding, turn them against each other,
rout them out of their safe hiding places, and bring them to justice."
     President George W. Bush
     September 24, 2001
The President has directed the first strike on the global terror
network today by issuing an Executive Order to starve terrorists of
their support funds. The Order expands the Treasury Department's power
to target the support structure of terrorist organizations, freeze the
U.S. assets and block the U.S. transactions of terrorists and those
that support them, and increases our ability to block U.S. assets of,
and deny access to U.S. markets to, foreign banks who refuse to
cooperate with U.S. authorities to identify and freeze terrorist
assets abroad.
Disrupting the Financial Infrastructure of Terrorism
-- Targets all individuals and institutions linked to global
terrorism.
-- Allows the Treasury Department to freeze U.S. assets and block U.S.
transactions of any person or institution associated with terrorists
or terrorist organizations.
-- Names specific individuals and organizations whose assets and
transactions are to be blocked.
-- Identifies charitable organizations that secretly funnel money to
al-Qaeda.
-- Provides donors information about charitable groups who fund
terrorist organizations.
-- States the President's intent to punish those financial
institutions at home and abroad that continue to provide resources
and/or services to terrorist organizations.
Authorities Broadened
The new Executive Order broadens existing authority in three principal
ways:
-- It expands the coverage of existing Executive orders from terrorism
in the Middle East to global terrorism;
-- The Order expands the class of targeted groups to include all those
who are "associated with" designated terrorist groups; and
-- Establishes our ability to block the U.S. assets of, and deny
access to U.S. markets to, those foreign banks that refuse to freeze
terrorist assets.
Blocking Terrorist Assets
-- The Order prohibits U.S. transactions with those terrorist
organizations, leaders, and corporate and charitable fronts listed in
the Annex.
-- Eleven terrorist organizations are listed in the Order, including
organizations that make up the al-Qaeda network.
-- A dozen terrorist leaders are listed, including Osama bin Ladin and
his chief lieutenants, three charitable organizations, and one
corporate front organization are identified as well.
-- The Order authorizes the Secretary of State and the Secretary of
the Treasury to make additional terrorist designations in the coming
weeks and months.
Other Actions in War on Terrorist Financing
This Executive Order is part of a broader strategy that we have
developed for suppressing terrorist financing:
-- A Foreign Terrorist Asset Tracking Center (FTAT) is up and running.
The FTAT is a multi-agency task force that will identify the network
of terrorist funding and freeze assets before new acts of terrorism
take place.
-- The President, the Secretary of the Treasury, the Secretary of
State and others are working with our allies around the world to
tackle the financial underpinnings of terrorism. We are working
through the G-8 and the United Nations. Already, several of our
allies, including Switzerland and Britain, have frozen accounts of
suspected terrorists.
(end text)
(Distributed by the Office of International Information Programs, U.S.
Department of State. Web site: http://usinfo.state.gov)



NEWSLETTER
Join the GlobalSecurity.org mailing list