Banking Community Pledges Help In Fight Against Terrorism

All bankers in all organizations are banding together to "vigorously support any effective measures that will help dry up the funds that terrorists depend on", as was included in a joint statement to Congress.

America's Community Bankers and the Independent Community Bankers of America further stated, "No matter what the level of international business, each community banker will have to be prepared to comply with whatever new rules Congress enacts. That will involve implementing new procedures, retraining of tellers and other personnel and buying new software. Our members are fully prepared to make those investments in our nation's security."

The American Bankers Association, through their spokesperson, Donald G. Ogilvie, ABA executive vice president, said "ABA and the banking industry fully support President Bush's efforts to track terrorists and cut off the source of their funding. We will provide law enforcement authorities with any information that may be relevant to their investigation.

"The president has made clear that our nation's campaign against terrorism requires financial, as well as military and diplomatic measures. The nation's banks are committed to doing everything possible in this critical battle."

The House Financial Services Committee is holding hearings to examine the financial infrastructure of global terrorism. Out of those hearings will come new anti-money laundering bills for the banking industry. In an unprecedented procedure, bankers, legislators and law enforcement agencies are working together on these pieces of legislation. BANKERS' HOTLINE will be closely following progress, and will keep you informed of any changes.

Copyright © 2001 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 11, No. 10, 10/01