New measures needed for terrorism financing
WASHINGTON DC – The Treasury Department has begun a study to devise new ways to prevent terrorist financing, according to Stuart Levey, the Department's Under Secretary for Terrorism and Financial Intelligence.
In his testimony on The 9/11 commission report: identifying and preventing terrorist financing held at the end of August in the House Financial Services Committee, Levey said there are fundamental differences between the financing of terrorism and money laundering, and by relying exclusively on the same methods and tools, "we may inhibit our ability to succeed."
"With money laundering, investigators look through a telescope trying to detect the movement of large amounts of cash. With terrorist
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