ABSTRACT
This chapter considers background to the policy of criminalizing and regulating the problem, plus an evaluation of the financial institutions. It looks at how terrorist assets are recovered. Prior to the terrorist attacks in the United States of America (USA) on 11 September 2001, the international community's attitude towards financial crime focused on the prevention of money laundering, the illegal drugs trade and fraud. The principal criminal offences relating to terrorist financing can be found in sections 1518 of the Terrorism Act 2000, which received Royal Assent on 20 July 2000. HM Treasury is the leading counter-terrorist financing (CTF) government department in the UK and is responsible for the execution of the UN"s financial sanctions regime. Serious Organised Crime Agency (SOCA) is the UK's Financial Intelligence Unit (FIU) and as such administers the reporting obligations under the Proceeds of Crime Act 2002. The response of the UN was the implementation of several Security Council Resolutions, which had an immediate impact.
