U.S. Creates Office for Terrorist Financing and Financial Crimes (EOTF/FC)

IMPORTANT: The full content of this page is available to premium users only.

Thursday, May 1, 2003
Bruce Zagaris
On March 3, 2003, U.S. Treasury Secretary John Snow announced the creation of a new Executive Office for Terrorist Financial Crimes (EOTC/FC) reporting directly to the Deputy Secretary. The Office has the responsibility of coordinating and leading the Treasury Department’s efforts to combat terrorist financing and other financial crimes, both within the U.S. as well as abroad. In particular, the new Office has the following responsibilities: (1) developing and implementing U.S. government strategies to combat terrorist financing domestically and internationally together with Treasury’s International Affaires Task Force on Terrorist Financing; (2) developing and implementing the National Money Laundering Strategy, as well as other policies and programs to combat financial crimes; (3) participating in Treasury’s development and implementing of U.S. government policies and regulations in support of the USA PATRIOT Act, including outreach to the private sector; (4) participating in the representation of the U.S. at focused international bodies dedicated to fighting terrorist financing and financial crimes; and (5) developing U.S. government policies relating to financial crimes. The EOTF/FC will work closely with other offices within the Treasury and throughout the U.S. Government to identify, block and dismantle sources of financial support for terror and other criminal activities, including money laundering. The team will also work the international partners to expand the fight against terrorist financing and financial crimes in other countries. The Office will concentrate on reducing the risk that the domestic and international financial systems are being misused by criminal and terrorist. Indeed the national governments and the international community are challenged to be able to design, establish and equip new institutions and mechanisms as fast as criminals who operate in a border less world and use modern technology act.