WASHINGTON, D.C. – Today, the Financial Services Committee’s Task Force to Investigate Terrorism Financing held its fifth hearing, which focused on examining the federal government’s efforts to disrupt terrorism financing. Congressman Stephen F. Lynch (D-Boston) serves as the lead Democrat on the Task Force.
“The United States has a robust framework of regulations, which squeezes terrorists out of the formal financial system and promotes collaboration among law enforcement and international financial intelligence agencies,” said Ranking Member Lynch. “As ISIL utilizes illicit oil sales, regional taxation, and antiquities dealing to fund its terrorist activities, our national and global approach to disrupt terror financing must evolve to address these modern complexities. Over the past six months, the Task Force has worked diligently to examine areas for improvement. Today’s witnesses provided important insight into how Congress can work in a bipartisan manner to strengthen our federal policies to halt the bankrolling of extremism.”
The hearing, entitled “Could America Do More? An Examination of U.S. Efforts to Stop the Financing of Terror,” included testimony from a panel of expert witnesses focused on providing an assessment of current anti-money laundering and terrorism financing regulations and policy proposals to improve the United States’ strategy to counter terror financing. Testifying was:
- Dr. Louise Shelley, Founder and Director, Terrorism, Transnational Crime and Corruption Center, George Mason University
- Mr. Daniel Larkin, Former FBI Unit Chief; Founder of the National Cyber Forensics & Training Alliance
- Mr. Scott Modell, Managing Director, The Rapidan Group
- Ms. Elizabeth Rosenberg, Senior Fellow and Director, Energy, Economics and Security Program, Center for a New American Security
Since its formation in March, the bipartisan Task Force, led by Chairman Mike Fitzpatrick (R-PA) and Ranking Member Lynch, held hearings and briefings with U.S. terror financing officials and global counterterrorism experts to identify weaknesses in current authority. The Task Force will present a report of its findings as well as recommendations for additional legislation as necessary.