FROM THE OFFICE OF PUBLIC AFFAIRS

October 13, 2004
JS-2026

Statement by Treasury Secretary John W. Snow on
Treasury’s Designation of IARA

Treasury Secretary John W. Snow made the following statement today regarding the Treasury Department's designation of the worldwide network of the Islamic African Relief Agency (IARA), along with five of its senior officials:

"The Treasury today designated the global network of the Islamic African Relief Agency along with five of its senior officials. This action marks another crucial step in the United States Government's continuing efforts to close down the conduits that allow terrorists to raise and move money.

"The international offices of IARA were providing direct financial support to Usama bin Laden, al Qaida, Hamas and other terrorist groups. Today's action shuts down financial channels that were being used to propagate terrorist activity.

"This action again reveals the intent by terrorists to abuse charitable networks and organizations for their evil purposes.

"In designating IARA, Treasury blocked all accounts, funds and assets of the organization in the United States and criminalized the provision of money or other types of support to any of its offices.

"Today's action highlights the important role of designations in the war on terrorist finance – freezing assets that might otherwise have been used to support terrorists; preventing future funds from flowing through tainted channels; and making clear to the public and our international partners the conduits being used to fuel terrorism.

"The designation process is a key weapon in our arsenal to combat terrorism; however, it represents just one of the tools at our disposal. A host of U.S. Government agencies work hand-in-hand to combat terrorist networks from every angle of attack. The tools and expertise of our colleagues in law enforcement agencies, as well as the intelligence and diplomatic communities, all play indispensable roles in this fight.

"Actions like the one taken today make it costlier and riskier for al Qaida and other terror groups to raise and move money. Under President Bush's leadership, we have designated 393 individuals and entities as terrorists or their facilitators and, working in concert with our global partners, we have frozen over $142 million in terrorist-related assets.

"The financial war on terror is fought on a different kind of battlefield, one that includes formal financial institutions, as well as shadowy underground networks that the terrorist use to move money. Terrorists are fueled by hate, but money allows terrorists to carry out their vile plans. Therefore our efforts to staunch terrorist financing are a vital part of the overall war on terror. The Bush Administration remains committed to using any means necessary to stop terrorists in their tracks, and the Treasury will continue to wield all of its authorities to bankrupt terror," said Snow.

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