U.S. Rep. Mike Fitzpatrick (R-8th dist.) last week led the first hearing of the Task Force to Investigate Terrorism Financing, and focused on laying the groundwork to understand current policy and challenges regarding terror funding.
“The threat to freedom and democracy posed by the Islamic State and groups like it circles the globe, and the United States can ill afford to combat these enemies on the battlefield alone. Any global strategy against terror groups worldwide must attack at their funding source. Organizations, no matter how ideologically fanatical, cannot effectively function without requisite resources,” Fitzpatrick said.
“To address this vital piece of our nation’s anti-terror strategy, this bipartisan task force has been established — charged with ensuring the federal government is using every tool at its disposal to deprive groups like the Islamic State, Boko Haram and other terrorist organizations of the funds they rely on to advance their warped ideology.”
The hearing included testimony from a panel of expert witnesses focused on providing a survey of terror financing ability globally as well as the United States’ response as part of its larger anti-terror strategy.
It is estimated that the terror attacks of Sept. 11, 2001, cost al-Qaeda $500,000 to plan and execute. Today, it is estimated that the Islamic State has a net worth of more than $2 billion — through new self-funding methods such as illicit oil sales, human trafficking, regional taxation and antiquity dealing.
During Fitzpatrick’s line of questioning, he highlighted this evolution in funding and asked the panel how the global threat of terror financing has changed over the last 10 to 15 years.
Over the next six months, the task force will hold further hearings with U.S. terror financing officials and global counterterrorism experts to identify weaknesses in current authority and work to ensure terror groups are unable to finance their operations, especially through the American financial system. In September, the task force will present a report of its findings as well as recommendations for additional legislation if needed.
