Qaeda funds drying up: US

US Treasury Secretary said, al Qaeda struggles to secure steady financing.

Washington: Ten years after the September 11
attacks, al Qaeda`s funding lines have been largely choked
off, though it still tries to raise money, US Treasury
Secretary Timothy Geithner said on Thursday.

"Ten years ago, al Qaeda`s ability to access a large
network of deep-pocketed donors and move money through the
formal financial system allowed it to carry out the deadliest
terrorist attacks in our nation`s history," Geithner told the
Counter-Terrorist Financing Symposium in Washington.

"Today, however, al Qaeda struggles to secure steady
financing. It can no longer rely on a thick Rolodex and a
simple bank transfer," he said.

Geithner credited the work of the Treasury`s Office of
Terrorism and Financial Intelligence (TFI), set up after the
September 11, 2001, attacks on the United States, as well
strong international cooperation, with deeply disrupting the
funding networks for Islamic extremist activities.

"We are obtaining, analysing and acting on intelligence
in order to constrain the activities of those who would fund
terrorism and to hold them accountable through sanctions. The
harsh consequences of funding terrorism have succeeded in
deterring donors across the globe," he said.

However, he added, "al Qaeda is a determined and
sophisticated organisation, and it will continue to find ways
to access funding."

"So as al Qaeda and other terrorist groups look for new
methods to raise and move money, we will continue to develop
creative and effective strategies to stop them," he said.

"As we all move forward over next decade, increasing
international cooperation will be essential, including the
establishment of offices like TFI in finance ministries around
the world."

Bureau Report

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