Bush Administration Embarks on New Initiative to Combat Terrorism Financing Amid Broad Criticisms

On October 20, 2002, Jimmy Gurulé, the U.S. Treasury Department’s undersecretary for enforcement, started a six-day visit to Europe to try to reach an agreement on designating and blacklisting more terrorist financiers amid a blue ribbon report’s call for new institutional and strategic initiatives by the Bush Administration. Mr. Gurulé is planning to meet with bankers and other private-sector groups to try to obtain their support in counter-terrorism financial enforcement. On October 16, 2002, an Independent Task Force sponsored by the prestigious Council of Foreign Relations published a report entitled Terrorist Financing, that calls for broad new domestic and international institutional and strategic changes. In the context of U.S. foreign policy and Gurulé’s trip, the report focuses on individuals and charities based in Saudi Arabia, which it alleges have been the most important source for Al Qaeda and states that “for years, Saudi officials have turned a blind eye to this problem.” The report identifies the key problem behind blocking the financing of terrorism as “lack of political will among U.S. allies” and a decision by the Bush Administration not to use the full power of U.S. influence to pressure or compel other governments to act.