Latest ArticlesThe Terrorists in Europe's Backyard December 20, 2011 • Wall Street Journal Europe's security is being threatened by a terrorist organization that many people have never heard of. Last week, al Qaeda in the Islamic Maghreb (AQIM), based in north Africa and active since 2002, posted pictures of five Europeans kidnapped in November and currently being held in Mali. Formerly known as the Salafi Group for Preaching and Combat, AQIM is an al Qaeda affiliate whose principal aim is to overthrow the Algerian government and establish an Islamic state governed by Shariah law in north Africa, Spain and Portugal. The group has a presence not only in Algeria but also in Mali, Niger and Mauritania. It has not yet solidified its foothold elsewhere in the Maghreb, including Morocco, Libya and Tunisia.
Enforce Existing Laws against Iran December 5, 2011 • Washington Times In recent years, the United States has imposed punishing sanctions on Iran's financial sector. Last week, the U.S. Treasury Department announced new measures intended to hamper Iran's ability to raise and move funds internationally. Several Western allies have followed suit in an attempt to tighten the noose around the Islamic Republic and curb its ability to achieve nuclearization. Yet a close analysis of Treasury's action demonstrates that the new sanctions regime is far weaker than existing laws and falls short of the moves that members of Congress are demanding. What is needed is not new measures, but better implementation of existing statues.
Is Citibank Being Abused By The Islamic Republic Of Iran? November 15, 2011 • Forbes In a court decision that has received surprisingly little media coverage, a New York District judge ordered Citibank to freeze almost $2 billion of debt-securities allegedly belonging to the Islamic Republic of Iran. This past August, victims of Iranian terror sued Luxembourg-based clearing house and bank Clearstream for allegedly assisting Iran to move $250 million in frozen assets out of the United States. This case deserves more attention, not only in view of the high dollar amount involved, but also for its potential to reveal how the Iranian government could be exploiting international financial clearing houses to contravene U.S. sanctions.
Enforcing Existing Sanctions on the Central Bank of Iran November 7, 2011 • Washington Times In recent years, the United States has imposed a punishing sanctions regime on Iran's banking sector. To further increase Tehran's level of financial pain, a great number of Congressional and advocacy groups have repeatedly called on the White House to blacklist the Central Bank of Iran (CBI). Doing so, the thinking goes, would seriously hamper the Islamic Republic's ability to abuse international markets in its pursuit of nuclear weapons. Yet unbeknownst to most lawmakers and Washington policymakers, the U.S. Treasury actually has blacklisted the CBI, and not once but twice in recent years. The real question is why the U.S. government has not enforced its own sanctions regime.
Iran's Mystery Banker in Canada October 31, 2011 • Jerusalem Post As details of the Iranian terror plot to blow up the Saudi Embassy in Washington DC become clearer, the U.S. and other Western allies will look to punish Iran. One of the most powerful ways to influence Iran is through the banking sector. Through an interesting turn of events, Canada is in a position to exert significant financial leverage through one individual in particular. One of the world's most important international bankers is currently residing in Toronto after fleeing his country of origin. Mahmoud Reza Khavari was until recently the head of Iran's Bank Melli, an institution notorious for assisting in Iran's proliferation of weapons of mass destruction and financing of terrorism. Canadian authorities have yet to take action against Mr. Khavari, who represents a potential gold mine of information regarding how Iranian banks raise and move money around the globe.
Double Trouble: Bankrolling and Broadcasting Terror October 6, 2011 • Jakarta Post Indonesian companies and financial institutions are poised to help Iran sidestep international sanctions by setting up a joint bank to facilitate billions of dollars of annual trade between the two countries. In addition, the Indonesian government is allowing its national satellite company to broadcast one of the world's most vitriolic television stations, al-Manar, which is owned by Hizballah, a recognized terrorist organization sponsored financially and operationally by Iran. While the Indonesian government clearly feels it is in its interest to expand business relations with Iran, this would facilitate Iran's march toward nuclearization. Furthermore, by failing to take a strong stance against Iran and Hizballah, and in particular, al-Manar, Indonesia is allowing a rogue regime and its proxy to proliferate terrorism and radicalize Muslims around the world, including in Indonesia.
Using economic levers to hurt Al-Shabaab September 26, 2011 • CNN.com In recent weeks, the United Nations has sponsored meetings in Mogadishu to help Somalia's Transitional Federal Government (TFG) improve security, promote reconciliation and draw up a new constitution for the war-ravaged country. One of the biggest obstacles to ensuring peace in Somalia, however, is Al-Shabaab, a terrorist organization, which controls large swaths of the country and siphons off aid meant to help the country's destitute. While the international community focuses its attention on the best ways to help Somalia, much more can be done to curtail Al-Shabaab's influence.
September 23, 2011 • The Weekly Standard As the Obama administration reviews its Afghanistan and Pakistan policy, looking for creative means to challenge extremist funding, the drug trade is increasingly coming into focus. Afghanistan's booming narcotics industry generates much of the money that flows into terrorists' coffers, and increased production in recent years has overlapped with a sharp rise in Taliban attacks on coalition forces. Captured Taliban have confessed that most of their funding comes from the drug trade. And it is an open secret that much of Afghanistan's illicit money is through commodities and trade.
September 22, 2011 • United Press International Most people have no idea that many of the companies they do business on a daily basis also do business with terrorists or those who support terrorism. Unwitting investors also are unaware that their money is invested in the stocks and bonds of companies that indirectly fund terrorism, nuclear proliferation and genocide. A decade after the September 11 attacks, terror-free investing is an innovative way to fight back against the enemies of liberal democracies. Terror-free investing, in concert with measures such as global sanctions, can have a measurable policy impact.
September 9, 2011 • Asia Times Human smuggling is a lucrative business. Despite the best efforts of customs officials around the globe, smugglers remain in business, in part because of their access to capital and law enforcement's reluctance to use some of the most advanced tools on the market. Smuggled Chinese arrive in the United States by land, sea, and air. Some travel directly, while others transit through Mexico or Canada and then cross overland illegally. Although exact figures are unavailable regarding how many Chinese are smuggled into the United States every year, credible estimates put the number at 50,000. The number of Chinese smuggling groups worldwide is not known, with estimates ranging from seven to 50. The Chinese use the term "snakehead" for smugglers and "human snake" to describe those being smuggled. These terms stem from the idea of slithering from point to point along clandestine routes.
To Punish Iran, Seize Its Embassy August 2, 2011 • New York Times LAST week, the Treasury Department accused the Iranian government of aiding Al Qaeda and blacklisted six Qaeda operatives for funneling money through Iran. Although Treasury's announcement, coupled with existing sanctions, has put some pressure on Tehran, much more can be done. Indeed, the White House should take action in its own backyard.
Toxic Assets July 4, 2011 • Al Majalla As mass protests and violence continue to take place throughout the Middle East, US and European policy makers have been called on to take action. Many have assumed this would take the form of military action or diplomacy. In the case of Libya, it has taken both. But as events drag on there and elsewhere, the appetite in Washington is actually turning increasingly towards economic means of achieving policy objectives. In recent years, the US has engaged in economic warfare against rogue actors around the globe. A targeted financial sanctions regime has been put in place against countries that include Iran, Syria, Sudan and Myanmar, and groups classified by the US as terrorist organizations, such as Al-Qaeda, Hamas and Hezbollah. The banking sector, in particular, has been used by Washington and other world capitals to target countries, entities and corporations engaged in illicit finance.
Why Sanctions Against Iran Aren't Working June 23, 2011 • Al Arabiya It's been nearly a year since the United States and its allies strengthened economic sanctions against Iran in an effort to force the Islamic Republic to abandon its nuclear weapons program. Thus far, these measures have yielded positive results. Yet problems remain. Many banks around the world continue to do business with Iranian financial institutions that are complicit in supporting terrorist groups and spreading nuclear weapons. And branches of these designated banks continue to operate throughout some of the world's financial capitals. Sanctions are a legitimately effective way to peacefully force Iran's hand. But unless the international community cracks down on designated Iranian banks, the sanctions regime—however promising it may seem—will ultimately fail.
Today's Pirates Have Their Own Stock Exchange June 16, 2011 • The Wall Street Journal Pirates are on a hot streak this season. World-wide, the first quarter of 2011 saw 142recorded attacks, up from 67 in that time last year. Off the coast of Somalia there were 97, as against 35 last year. Why? Despite some efforts by Western powers to patrol the Horn of Africa, pirates are still able to access capital, as any successful business must. The world's first pirate stock exchange was established in 2009 in Harardheere, some 250 miles northeast of Mogadishu, Somalia. Open 24 hours a day, the exchange allows investors to profit from ransoms collected on the high seas, which can approach $10 million for successful attacks against Western commercial vessels.
Grounding Iranian Crude to a Halt June 9, 2011 • Al Arabiya Through the Comprehensive Iran Sanction Accountability and Divestment Act (CISADA), passed in 2010, the United States Congress has taken strong measures to check Iran's ability to abuse the international banking sector and the refined energy space. Despite this act, however, Iran is using its vast crude oil reserves to skirt financial sanctions and gain access to huge sums of hard currency. Nevertheless, there are additional methods that members of Congress should consider deploying to curb Iran's access to much-needed funds. Iran holds the third-largest known oil reserves in the world and the second-largest natural gas reserves. According to Oil and Gas Journal, as of January 2010, Iran had roughly 10 percent of the world's total oil reserves, with approximately 40 oil fields—27 onshore and 13 offshore—that hold mid-grade-quality crude similar to that found in Saudi Arabia, Iraq, and Kuwait.
Are We Winning the War on Terror Finance? Spring/Summer 2011 • The Journal of International Security Affairs A few days after the most successful terrorist attack in U.S. history, President George W. Bush stated, "Money is the lifeblood of terrorist operations. Today we are asking the world to stop payment." Ten years later, has that request been fulfilled? The short answer is both "yes" and "no." Completely eradicating terror finance is impossible. There is no doubt that our financial countermeasures have not been as smart or efficient as they could be. However, after ten years of concerted effort, it is also now harder, costlier, and riskier for terrorists to raise and transfer funds, both in the United States and around the world. |
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