Gurulé testifies before U.S. Residence committee on sources of Islamic State funding

Jimmy Gurulé Jimmy Gurulé

University of Notre Dame law professor Jimmy Gurulé, a terrorist financing professional, testified prior to the U.S. Residence Fiscal Services Committee Thursday (Nov. 13) on the principal sources of Islamic State funding. Gurulé, who also is a former assistant U.S. attorney general and former undersecretary for enforcement for the U.S. Treasury Division, also provided recommendations for improving the response by the U.S. Treasury Department and the Division of Justice to the Islamic State risk.

Gurulé told the committee that Islamic State, typically identified as ISIS, has up to $ 1 billion in its reserve and is “the wealthiest terror organization that the globe has ever identified.”

The terrorist group’s key source of earnings is the oil it extracts in the regions it has seized.

“The minimal quantity of Treasury Division designations of ISIS-associated individuals for asset freeze, as effectively as the dearth of terrorist financing prosecutions by the Division of Justice, are deeply troubling,” Gurulé stated in his testimony. “To effectively disrupt the financing of ISIS, the Treasury Division needs to recalibrate and intensify its counter-terrorist financing efforts, focusing on men and women and entities involved in the principal sources of ISIS funding, such as the illicit oil trade. The Treasury Division ought to function a lot more closely with the DOJ in sharing financial intelligence data to improve the amount of productive terrorist financing prosecutions. Treasury must also make a lot more powerful use of its civil enforcement actions below the BSA (Bank Secrecy Act) to make certain that banking institutions are not getting utilized for terrorist financing functions.

“Collectively, these proposals will improve the effectiveness of the U.S. government’s efforts to deprive ISIS of funding to commit terrorist attacks.”

Gurulé also appeared on Jake Tapper’s CNN demonstrate Thursday to talk about reviews that ISIS is minting its personal currency. He noted that ISIS has up to $ 1 billion in reserves.

“With that sort of money, it’s hard to comprehend, what’s the possible?” Gurulé mentioned. “What could they do with that? So certainly it’s a likelihood. The trouble with that type of cash is you can not just place that funds in shoeboxes and area it under your mattress. It has to enter into the financial method at some stage in time. I believe the Treasury requirements to be focusing on banking institutions, banks in Qatar, for instance, and in Kuwait that may be the recipients and managing money for ISIS.”

Gurulé is an skilled in complex criminal litigation, but his teaching and scholarship also concern criminal law, criminal and scientific evidence, and global criminal law. He has written and lectured on the difficulty of organized crime and has traveled extensively in eastern Europe to investigate and talk about the issues of organized crime in the countries of the former Soviet Union. He also assisted train twenty Iraqi judges who presided over the trials of Saddam Hussein and other members of the overthrown Ba’athist government.

Make contact with: Jimmy Gurulé, 269-240-0031, gurule.one@nd.edu

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