Money-laundering proposals implemented in the wake of the 11 September terrorist attacks have put a huge administrative burden on offshore financial centres and could deter investors
The New York terrorist attacks heralded a new era for money laundering. The achievements of terrorists, using asymmetrical warfare, against the world's great superpower sent a shiver through the Western world. The degree of sophistication, co-ordination and planning for these attacks was unprecedented. Western intelligence had seriously underestimated the terrorist threat. In the post-mortem in the weeks following the attacks, one key factor enabling the terrorist action emerged ' money. Al Qaeda proved well funded, using a network of international bank accounts and offshore investmen...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes