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• W194693397 abstract "not facing two guys in a Chevy Caprice. We're facing decades of design. That was how Treasury Department General Counsel David Aufhauser summed up the difference between the manhunt for the D.C. snipers and the ongoing challenge of stopping the flow of terrorist funding. Aufhauser, speaking at this year's annual ABA/American Bar Association Money Laundering Enforcement Seminar, held in late October, noted that the terrorist community, notably Al Qaeda, has spent a great deal of time and effort developing means of circumventing money laundering controls. The use of innocent-sounding charities, for instance, to provide international conduits for terrorist funding presents a very different challenge from the traditional one faced by anti-money-laundering programs. This is not a common war, said Aufhauser. This is an uncommon war. It's a conflict over cultures, not land. Whereas banks' compliance officers formerly only needed to worry about tracking down dirty money--often cash--attempting to become clean via a trip through the banking system, Aufhauser told listeners that the task of 21st century compliance is to find clean money that has been stashed around the globe, waiting for a chance to move where it's needed such that it won't be detected. While renewed efforts to find and stop such funds have netted more than $115 million in frozen accounts, said Aufhauser, all concerned need to do better. As a further illustration of the innovation terrorists could use to move money, Aufhauser cited the potential use of an internet auction site, allied to an internet payment service, to seek bids on, say, a vintage Corvette. photo of the car could appear on the auction site, he said, a description could be given, and a completely outlandish price, even for such a collector's item, could be asked. The starting bid level might be well beyond the reach of any reasonable collector. And yet, Aufhauser theorized, a few days after being posted, the car could be sold--or so it would seem. The internet payment service moves the funds to the listing party all right, but the car doesn't go anywhere. It was never more than a photograph, part of an elaborate setup to make transfer of terrorist funds look innocent. Juggling banker, gatekeeper roles Aufhauser described the meeting's attendees as gatekeepers at our financial borders and there was a sense around the conference that, as opposed to some other aspects of compliance, antimoney-laundering programs, in the wake of Sept. 11, 2001, could actually make a discernible difference to many Americans. Indeed, bankers were encouraged by John Roth, chief of the Asset Forfeiture and Money Laundering Section of the Justice Department's Criminal Division, who said that the indictment of Zacarias Moussaoui, the so-called 20th hijacker, was substantially based on records submitted from financial institutions from around the world. Roth also noted that legal changes brought about by the Patriot Act have enabled the Justice department to successfully shut down some questionable money service businesses, notably by reducing the burden necessary to prove that some of these services are acting illicitly. A lot of the information we're attained in such cases has come from Suspicious Activity Reports (SARs), said Roth. representative of Treasury's Office of Foreign Assets Control noted that that agency, once virtually invisible in financial services, now averages roughly 1,000 calls from bank compliance officers and others each week. FinCEN figures distributed at the conference indicated that 85% of the SARs filed from Sept. 11, 2001, to March 31, 2002, were filed because the organizations believed they had found matches with the suspect individuals and entities lists distributed by the government. Wire transfers, unusual usage levels and unusual usage locations at ATMs, and large cash transactions were the three main activities reported in that portion of the SARs, FinCEN reported. …" @default.
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• W194693397 date "2003-01-01" @default.
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• W194693397 title "An Uncommon War. (Briefing: The Money War)" @default.
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