Don't Follow the Money: The Problem with the War on Terrorist Financing

In the first days of the “war on terror,” before the United States had launched air strikes against the Taliban or Special Forces raids on Osama bin Laden’s compounds, President George W. Bush signed Executive Order 13224. The presidential decree, which dates from September 23, 2001, targeted al Qaeda’s money by “prohibiting transactions” with suspected terrorists. “Money is the lifeblood of terrorist operations,” Bush said at the time. “We’re asking the world to stop payment.” Five days later, the UN Security Council followed suit, calling on states to “prevent and suppress the financing” of terrorism in its first substantive resolution since the 9/11 attacks.