07 November 2001
Fact Sheet: White House on Halting Financial Flows to Terrorists
(Accounts of 62 organizations, individuals are blocked) (780)
Following is the text of a fact sheet issued November 7 detailing the
Bush administration's latest actions to disrupt financial flows to
terrorist organizations.
(begin fact sheet)
THE WHITE HOUSE
Office of the Press Secretary
November 7, 2001
FACT SHEET
Shutting Down the Terrorist Financial Network
"Today's action disrupts al-Qaida's communications, blocks an
important source of funds, obtains valuable information, and sends a
clear message to global financial institutions: You are with us, or
with the terrorists. And if you are with the terrorists, you will face
the consequences."
President George W. Bush
November 7, 2001
Today's Action
-- In a major step forward in the financial war on terrorism,
President Bush announced that the U.S. had moved to block the assets
of 62 organizations and individuals associated with two investment and
money moving networks of terror -- Al Barakaat and Al Taqwa.
-- These two financial networks, which are tied to al-Qaida and Usama
bin Laden, raise money for terror, invest it for profit, launder the
proceeds of crime, and distribute terrorist money around the world to
purchase the tools of global terrorism.
-- The action was taken under the authority of Executive Order 13224,
signed by the President on September 23, which authorizes aggressive
actions against the bankers of international terrorism.
Al Barakaat and Al Taqwa have a presence in over 40 nations including
the United States, and the U.S. carefully coordinated today's action
with allies around the world.
-- Federal authorities closed U.S. offices of Al Barakaat in four
states.
-- Several European allies -- including Italy and Liechtenstein --
have taken enforcement action against Al Taqwa.
-- The United Arab Emirates has seized assets and records of Al
Barakaat.
-- Other allies -- from our G-8 partners to nations in the Middle East
and Africa -- are also joining us in blocking assets and coordinating
enforcement action.
Al Barakaat and al Taqwa
-- Al Taqwa and Al Barakaat raise, manage, invest, and distribute
funds for al-Qaida; provide terrorist supporters with Internet service
and secure telephone communications; and arrange for the shipment of
weapons.
-- Al Barakaat is a financial and telecommunications conglomerate
operating in 40 countries around the world. It was founded in 1989,
and now is involved in telecommunications, wire transfer services,
Internet service, construction and currency exchange.
-- Al Barakaat's founder, Shaykh Ahme Nur Jimale, is closely linked to
Usama bin Laden. He has used Al Barakaat's 60 offices in Somalia and
127 offices abroad to transmit funds, intelligence and instructions to
terrorist cells.
-- Al Taqwa is a network of companies in Switzerland, Liechtenstein,
the Bahamas, and Milan. It is controlled by Youssef Nada, a
naturalized Italian citizen. Al Taqwa provides investment advice and
cash transfer mechanisms for al-Qaida and other radical Islamic
groups.
Update on Progress since the September 23 Executive Order
-- Executive Order 13224 expanded the Treasury Department's authority
to block assets and U.S. transactions of persons or institutions
associated with terrorists or terrorist organizations. It also
established our ability to block the U.S. assets of, and deny access
to U.S. markets to, those foreign banks that refuse to cooperate in
freezing terrorist assets.
-- The U.S. has now designated 150 individuals, organizations, and
financial supporters of terrorism pursuant to Executive Order 13224.
Designees include terrorists from around the world.
-- Prior to today's action, the U.S. has blocked over $26 million in
assets of the Taliban and al Qaida, and other nations have blocked at
least $17 million.
-- The Treasury Department has established an inter-agency Foreign
Terrorist Asset Tracking Center, and mobilized financial investigators
-- under Operation Greenquest -- to develop leads for further
enforcement action.
-- The United States has also worked with our allies around the world
to ensure coordinated action.
-- 105 other nations have blocking orders in force.
-- UN Security Council Resolution [UNSCR} 1373, sponsored by the U.S.
and passed on September 28, requires all nations to deny safe haven to
terrorists.
-- The 29-nation Financial Action Task Force has articulated concrete
steps nations must take to combat terrorist financing, and invited
action plans from all countries to ensure full implementation by June
2002.
-- The G-8 [Group of Eight industrialized nations] have agreed to
coordinate the provision of technical assistance to countries seeking
to implement UNSCR 1373.
-- The Administration has sent to the Congress legislation to enable
ratification by the U.S. of the UN Convention on the Suppression of
Terrorist Financing.
(end fact sheet)
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