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CIAO DATE: 5/5/2007
Combating Terrorist Financing in Europe: Gradual Progress
Michael Jacobsen
March 2007
Abstract
In the wake of the July 2005 terrorist subway and bus attacks in London and the disrupted terrorist plot to blow up U.S.-bound planes flying from Heathrow airport in August 2006, the British government recently launched a new strategy to combat terrorism financing. Ed Balls, Britain's economic secretary to Her Majesty's Treasury (HMT), said the strategy was designed to address "an enduring and continually changing terrorist menace to the [United Kingdom]." In Balls's view, financing is the "lifeblood" supporting the growing terrorist threat. Britain's ambitious and timely initiative is an important step forward. But broader European efforts to tackle terrorist financing -- particularly the efforts of the European Union (EU) -- still lack consistency and effect. Bureaucratic obstacles limit European efforts to designate terrorist entities and freeze their assets.