US: Al-Qaida Cash Flow Drying Up

Posted September 8th, 2011 at 10:36 am (UTC-5)
Leave a comment

The United States says terrorists are now struggling to secure steady financing.

U.S. Treasury Secretary Timothy Geithner told a symposium in Washington Thursday that al-Qaida can “no longer rely on a thick Rolodex and a simple bank transfer.”

Geithner said that the struggle to secure cash is the result of ongoing U.S. and international efforts to identify terror donors and hit them with sanctions. He also said that the death of al-Qaida leader Osama bin Laden has also hurt the group's fundraising efforts.

The Treasury Department chief says al-Qaida's current financial struggles contrast greatly with the terror group's financial standing 10 years ago, when it carried out attacks on the World Trade Center in New York and the Pentagon. Still, he warned the terror group is resilient and will continue to find ways to access money.