Freeman Spogli Institute for International Studies Program on Energy and Sustainable Development Stanford University


Publications




Informal Networks, Economic Livelihoods and the Politics of Social Welfare: Understanding the Political And Humanitarian Consequences of the War on Terrorist Finance

Journal Article

Author
Khalid Medani

Published by
The UCLA Journal of Islamic and Near Eastern Law, Vol. 10, page(s) 99-137
June 2011


First paragraph of the article:

Since the terrorist attacks of September 11, 2001, there has been considerable debate with respect to the utility and the consequences of the global campaign against terrorist financing. While some analysts have downplayed the potential efficacy of trying to dry up terrorist funds as a method of curbing further operations, in the aftermath of September 11, the Bush administration stepped up action on the second front of the war on terrorism. The USA PATRIOT Act and the International Emergency Economic Powers Act ("IEEPA") provided federal officials with new legislative powers to freeze assets of entities and individuals identified as financing terrorist organizations. Launched on October 25, 2001 Operation Green Quest froze more than ten billion dollars in global assets in the United States linked to alleged terrorist organizations and individuals. In addition, according to the Department of the Treasury's Terrorist Assets Report, of the $1.6 billion in assets of state sponsors of terrorism located in the United States, $1.5 billion were frozen by US economic sanctions. At the time about 142 nations came on board and blocked seventy million dollars worth of assets within their borders, and most continue to express open support for the American led effort aimed at "starving the terrorists of funding."