Combating terrorist financing and other financial crimes through private sector partnerships

Publication Date01 Jan 2006
DOIhttps://doi.org/10.1108/13685200610645265
Pages112-118
AuthorMarcy M. Forman
SubjectAccounting & finance
Combating terrorist financing and
other financial crimes through
private sector partnerships
Marcy M. Forman
Department of Homeland Security, Office of Investigations, US Immigration
and Customs Enforcement, Washington, District of Columbia, USA
Abstract
Purpose – Partnerships between the public and private sectors represent one of the strongest means
to detect, deter, disrupt and deny terrorist and other criminal organizations illicit profits and material
support required to fuel their evil acts. The purpose of this paper is to discuss and illustrate through
case study, the importance of public and private sector partnership in combating terrorist financing
and other financial crimes.
Design/methodology/approach – Two case studies are presented demonstrating how the public
and private sectors can collaboratively work to target how criminal organizations earn, move and store
their illicit profits. Highlighted is US Immigration and Customs Enforcement’s (ICE’s) outreach and
partnership program, Cornerstone. Through working partnerships with US financial, trade,
manufacturing and transportation sectors, Cornerstone’s goal is to eliminate systemic
vulnerabilities that could be exploited by terrorist and other criminal organizations.
Findings – ICE provides the private sector with information on trends, patterns, and “red flag”
indicators that are identified during criminal investigations. This information can be used by the
private sector to assist in establishment of internal controls and systems designed to protect their
institutions from criminal exploitation.
Practical implications – Sharing identified vulnerabilities and information with trusted private
sector partners, is the first line of defense against financial crimes, and the cornerstone of
private/public partnership.
Originality/value – The paper stresses that all nations must recognize that any criminal act –
whether driven by profit or ideology – threatens a nations economic security and integrity. In today’s
global economy, this impact can have devastating consequences transcending many borders.
Keywords Terrorism, Financing,State security, Partnership,Private sector organizations,
Public sector organizations
Paper type Case study
Introduction
Homeland security is the resp onsibility of more than law enfo rcement and
government – it is a shared mission of all people. Partnerships between the public
and private sector represent one of the strongest means to detect, deter, disrupt and
deny terrorist and other criminal organizations illicit profits and material support
required to fuel their evil acts.
In March 2003, US Immigration and Customs Enforcement (ICE) was created as the
largest investigative arm of the US Department of Homeland Security (DHS), and was
stood up as an agency by combining 3,000 former US Customs Service (USCS) special
agents, 2,500 former Immigration and Naturalization Service (INS) special agents,
4,000 Immigration and Deportation Service employees, and 1,500 Federal Protective
Service personnel, into one unified law enforcement entity. The ICE investigative
The current issue and full text archive of this journal is available at
www.emeraldinsight.com/1368-5201.htm
JMLC
9,1
112
Journal of Money Laundering Control
Vol. 9 No. 1, 2006
pp. 112-118
qEmerald Group Publishing Limited
1368-5201
DOI 10.1108/13685200610645265

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT