U.S. officials may be using the wrong tools to fight terrorist financing by focusing on large sums in the banking system instead of smaller amounts, alternative channels for moving them and improved intelligence, banking and financial officials say. About a thousand delegates at an anti-moneylaundering conference here spent several days this week discussing compliance with the complex rules of the USA Patriot Act against what they called “the scourge of terrorist financing,” but some wondered if it would really help curb the crime. Most were reluctant to speak on the record, saying the topic was too sensitive. But off the record, criticism was frank. “The regulations we have will only get you so far in catching terrorists in the banking sector,” said a U.S. government official who did not want to be named. Full Story
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