Policy paper

Counter terrorist finance strategy

Sets out the work being done by both the public and private sector to deter terrorists from using the fiancial system, detect them when they do and disrupt them.

Documents

Detail

The Office for Security and Counter-Terrorism and the Treasury are jointly responsible for the UK’s counter terrorist finance strategy.

Our aim is to reduce the terrorist threat to the UK and its interests overseas by:

  • preventing terrorists from using common methods to raise funds, or using the financial system to move money
  • making it harder for terrorist networks to operate by reducing the resources available for propaganda, recruitment, facilitation, training, and support of families, as well as harder for extremists to mount attacks
  • targeting the raising and movement of money in and out of the UK by terrorists and disrupting the funding of bodies such as Al Qa’ida.
  • using financial intelligence and financial investigation methods to support counter-terrorist investigations
  • implementing asset freezes to prohibit anyone from dealing with the funds or economic resources belonging to or owned, held or controlled by a designated person

Under the Terrorist Asset-Freezing etc. Act 2010, the Treasury is required to publish a quarterly report to Parliament, on its operation of the UK’s asset freezing regime.

Bills and Legislation

The Terrorism Asset-Freezing etc Act 2010 and the Al –Qaida (Asset Freezing) Regulations 2011 implement asset freezes against those believed to be involved in terrorist related activity or associated with Al-Qaida.

Under section 31 of the Terrorist Asset-Freezing etc Act, the Treasury is required to appoint an Independent Reviewer who will review the operation of Part 1 of the Act. David Anderson QC is the Independent Reviewer, appointed for three years from February 2011. He reviews the operation of Part 1 of the Act as soon as reasonably practicable after 17 September of each year.

The 2nd Independent Reviewer report was published on 17 December 2012.

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