Fitzpatrick, Pittenger release report on combating terrorism financing

A report released this week on terrorism financing will serve as a guide for Congress to enact legislation next year to thwart terrorist groups by cutting off their financial resources, U.S. Rep. Michael Fitzpatrick (R-PA) said.

Fitzpatrick, the chairman of the House Financial Services Committee to Investigate Terrorism Financing, and U.S. Rep. Robert Pittenger (R-NC), the vice chairman of the task force, led the congressional probe into terrorism financing.

“For two years, including 11 hearings, our task force investigated the financial mechanisms terrorists use to fund their activities,” Fitzpatrick said. “We discovered highly critical vulnerabilities, namely federal information sharing and inter-agency coordination.”

Combating terror financing is a significant and often overlooked element of national security strategy.

“This report signals to the next Congress and Treasury Department that we must continually evaluate and improve our response toward international terror and criminal financing,” Fitzpatrick said.

Pittenger, meanwhile, noted that the Task Force to Investigate Terrorism Financing has conducted critically important work to find solutions to 21st century threats.

“In conjunction with the legislation we passed this Congress, I look forward to implementing the recommendations found in this report as we continue efforts to defeat radical Islamic terrorism,” Pittenger said.

A number of bills were previously introduced in response to threats identified by the 21-member task force’s investigation.

The National Strategy for Combating Terrorists, Underground and Other Illicit Financing Act, H.R. 5594, which was sponsored by Fitzpatrick, would require the president and secretary of treasury to develop an annual strategy to combat money laundering and terrorist financing.

The Anti-Terrorism Information Sharing is Truth Act, H.R. 5606, which was sponsored by Pittenger, would refine safe harbors for sharing anti-terror information and reaffirm congressional intent to encourage the government to share information regarding terror financing methodology with banks.

U.S. Rep. French Hill (R-AR), a member of the task force, said the investigation focused on finding ways to cut funding to terrorist organizations that want to harm America and its strategic allies.

“This report highlights much of that work, including how terror groups receive funding and solutions to eliminate many of these dangerous threats,” Hill said. “I look forward to continuing our efforts in the next Congress and reevaluating our relationships with known state sponsors of terror like Iran and Syria.”