<

War on Terror Advances on Financial Front
Tuesday, September 25, 2001
By Alastair Macdonald / Reuters

“The United States is practicing hegemony over the whole world,” one Egyptian Islamist said. “Does international law allow it to freeze funds of groups or individuals without evidence?”

LONDON -- Reuters
The world's leading industrial powers agreed on Tuesday to cooperate in starving militants of funding they need to plan and execute attacks like those that killed nearly 7,000 people in New York and Washington on September 11.

Finance Ministers of the Group of Seven (G7) rich industrial nations issued a statement after a conference call, saying they pledged to pursue “a comprehensive strategy to disrupt terrorist funding around the world.”

The G7, which links the United States, Britain, Canada, France, Germany, Italy and Japan, will meet in Washington on October 6 to map out strategy for the financial battle.

The G7 acted one day after President Bush froze U.S. assets linked to Osama bin Laden, the wealthy, Saudi-born militant he holds responsible for the attacks on New York and Washington.

He also clamped down on the assets of 27 individuals or organizations accused of supporting bin Laden and threatened that foreign banks that did not follow suit and shun militant money would themselves have their assets frozen in the United States.

“If you do business with terrorists, if you support or sponsor them, you will not do business with the United States of America,” Bush said at the White House.

Aside from the G7, the 15-member European Union moved toward a clampdown on cash flows which might favor extremists and there were moves by other countries and financial centers around the world.
(More: Macon.com News Source)

Dan