The federal authorities do not have a clear understanding of how terrorists move their financial assets and are still struggling to prevent the flow of money to terror groups, according to a new Congressional report. The report, by the General Accounting Office (news – web sites), the investigative arm of Congress, also finds that the Internal Revenue Service (news – web sites) has not developed a formal plan for sharing financial information with state authorities about charities under investigation. And the report says the Treasury and Justice Departments have fallen nearly a year behind in developing a plan for attacking money laundering and issues like terrorists’ use of black-market gems and gold. It says some agencies have failed to make terrorism financing a high priority or have set unrealistic goals for overhauling their tactics. The report is to be made public on Sunday. Full Story
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