U.S. president George Bush has issued an executive order targeting the financial activities of terrorists. The intent of the order is to hamper terrorist activity by blocking their access to funds. It also aims to aid the federal government in tracing the funds to those supporting terrorists financially.

The Office of Foreign Asset Control also added some names to its Specially Designated Nationals and Blocked Persons List.

OFAC issues regulations that restrict transactions between U.S. persons and entities and certain foreign countries, their nationals, and specially designated nationals. The role of banks is to block the assets of those on the Specially Designated Nationals and Blocked Persons List and immediately notify OFAC.

Bankers will play a role in the war against terrorism, said Bush. Tracking the flow of money moved by terrorist cells will give vital information on where and how these cells operate.

Financial sanctions may be appropriate for those foreign persons that support or otherwise associate with foreign terrorists, said Bush. “I also find that a need exists for further consultation and cooperation with, and sharing of information by, United States and foreign financial institutions as an additional tool to
enable the United States to combat the financing of terrorism.”

The new names on OFAC’s blacklist include: Osama Bin Laden’s Al Qaida-Islamic Army and Bin Laden himself, the Egyptian Islamic Jihad, and the Mamoun Darkazanli Import-Export Company.