Finance Articles

Terror Finance Experts: International Regulators Ignoring Threat from Mobile Phone Payments

Washington, DC (PRWeb) February 22, 2007 -- A new initiative to allow cell phone owners worldwide to send each other money through the mobile network is a dream scenario for terrorists, but the international financial regulators are doing nothing about it, say two experts on terror financing.

Rachel Ehrenfeld and David Nordell, two of the founding contributors to the Terror Finance Blog, point out that the initiative announced by the GSM Association, the trade body for mobile phone operators, to enable 600 million cellphone users in more than 100 countries to transfer money internationally is a "terrorist dream," yet the international regulators responsible for stopping and investigating terror financing and money laundering had been "asleep at their posts" in the face of this threat.

The Paris-based Financial Action Task Force, the leading international regulator, and national regulators worldwide, have obliged banks and other financial institutions to identify their customers, to refuse to do business with people on international terrorist and criminal blacklists, and to report suspicious transactions to the authorities. But the regulators haven't done anything about new types of international payment systems using the Internet and phone networks that bypass the conventional banking and money transfer system, says Nordell. Person-to-person transfers via mobile phone will be almost anonymous, and completely uncontrollable unless the regulators intervene and block these new new services until ways are devised to track the flow of funds.

The full articles can be found at http://www.terrorfinance.org/the_terror_finance_blog/2007/02/soon_on_your_mo.html and http://www.terrorfinance.org/the_terror_finance_blog/2007/02/the_regulators_.html

Ehrenfeld and Nordell are two of the 10 international experts who last year formed the largest independent group of terror finance analysts and who together write the only professional blog (http://www.terrorfinance.org) on how terrorists exploit the world financial system to pay for their propaganda, recruiting and operations. The group's members are based in the USA, Canada, UK, Switzerland, Israel and Australia.

For further information or media interviews, please contact:
Rachel Ehrenfeld: telephone +1 (212) 399-4246
David Nordell: telephone +972 (52) 245-8201

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