Magazine

Table: Terrorist Money: The Balance Sheet


Assessing the U.S. campaign to choke off Osama bin Laden's finances

THE MONEY TRAIL

PROS: The U.S. and other countries have frozen $56 million allegedly owned by bin Laden, the Taliban, their associates, and businesses or charities that back al Qaeda.

CONS: U.S. and foreign banks are ill-equipped to ferret out small transfers and routine transactions to uncover active terrorists or head off operations underway.

INTERNATIONAL COOPERATION

PROS: 120 countries including such privacy havens as Switzerland, Liechtenstein, the Bahamas, and the United Arab Emirates, have blocked assets of suspect groups.

CONS: As the U.S. Treasury's list of suspects grows, foreign banks and some governments are demanding more evidence to support seizures of funds.

NEW TOOLS

PROS: Patriot Act gives Treasury stronger tools to stop cash imports, block assets during investigations, and cut off foreign banks that don't cooperate in probes.

CONS: Banks fear a grab bag of anti-money-laundering proposals will boost costs and erode privacy without stopping terrorists' transactions.


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