Follow the Money
By Matthew Levitt
Writing in today's LA Times, Michael Jacobson and I argue the benefits of including a robust effort to combat terror finance as part of a broader counterterrorism strategy. Used in tandem with other tools, combating the financing of terrorism represents a powerful weapon in tackling the terrorist threat facing the nation today
The terrorist attacks on the transportation system in London in July 2005 killed 52 innocent people but only cost about $15,000 to carry out. The 2000 attack on the U.S. destroyer Cole in Yemen and the 2004 train attacks in Madrid set the terrorists back about $10,000 each. Even the 9/11 attacks -- the largest-scale terrorist plot in history -- cost less than $500,000, according to the 9/11 commission report.
Unfortunately, cutting off all funding for terrorist organizations is next to impossible, making efforts to combat terrorism financing seem a fruitless exercise, particularly with devastating terrorist attacks being so cheap to mount.
But the Obama administration would be wise to retain targeting of terrorists' financing as a key part the U.S. government's counter-terrorism tool kit.
Although mounting a terrorist attack is relatively inexpensive, the cost of maintaining a terrorist infrastructure is high. Terrorist networks need cash to train, equip and pay operatives and their families and to promote their causes. Recruiting, training, traveling, bribing corrupt officials and other such activities also cost money. Limiting their ability to raise funds therefore limits their ability to function.
The full article is available here.
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