A pair of U.S. lawmakers will soon push for the counterterrorism panel they lead to be reauthorized for another six months to consider whether additional legislation is required to choke off funds to Islamic State and other blacklisted groups.
The failure by U.S. agencies to properly instruct financial institutions on how to identify trade-based money laundering has impeded federal efforts to crack down on criminal networks, lawmakers and congressional witnesses said Wednesday.
Among the many challenges of identifying terrorist funds is the fact that they can be hidden in plain sight, according to Colin P. Clarke, an associate political scientist at the RAND Corporation who studies the subject.
U.S. financial institutions have identified funds potentially linked to last week's terrorist attacks in Paris, according to a top counterterrorism investigator with the FBI.
The criminal division of the U.S. Internal Revenue Service will send representatives to two nations in an effort to better coordinate financial crime investigations, a senior agency official said Monday.
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