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Organised Crime

Financing of Terrorism

Terrorist financing is a topic that shot into the limelight after the events of September 11, 2001. The major industrialised states decided to focus in particular on the Financing of Terrorism.The call to arms has been complemented by a concerted effort world-wide to track down and freeze the assets of suspected terrorists. Financial institutions have risen to these challenges contributing their expertise gathered mostly through techniques to combat money laundering. The UN is at regular intervals publishing lists of names whose funds need to be frozen. Procedures are, from a point of view of the rights of the defendant, still less than satisfactory. They are currently under review.

Bankers, regulators and academics pose a variety of questions from their individual perspectives: To what extent are new laws really new? What can financial institutions realistically contribute to the suppression of terrorist financing? Can individual rights be protected in these circumstances?