Serial No. 115-37: Low Cost, High Impact: Combating the Financing of Lone-wolf and Small-scale Terrorist Attacks, Hearing Before the Subcommittee on Terrorism and Illicit Finance of the Committee on Financial Services, House of Representatives, One Hundred Fifteenth Congress, First Session, September 6, 2017 [open pdf - 3MB]
This document is the September 6, 2017 hearing titled "Low Cost, High Impact: Combating the Financing of Lone-wolf and Small-scale Terrorist Attacks" before the House Subcommittee on Terrorism and Illicit Finance of the Committee on Financial Services. From the opening statement of Stevan Pearce: "Today's hearing will examine issues concerning small-scale acts of terrorism and the mechanism used to fund this type of terrorism. Although overall numbers remain low, one study has found that since the 1970s, lone-wolf attacks have grown almost 50 percent in the United States, and by over 400 percent in other Western countries. Law enforcement as well has previously expressed concern that there is a greater likelihood of lone-wolf terrorism than large-scale attacks in the United States. One of the likely reasons is the relatively low cost for funding such an attack. [...] As we will hear today, whether an act of terrorism is directly funded by a known terrorist group or carried out by a sympathizer, the relatively low financial cost presents a hurdle to tracking the movement of funding through the financial system. Whether it be through petty crime, working a temporary job, misappropriating government benefits, or engaging in scam transactions, terrorist organizations are utilizing new means to finance their operations, and are increasingly turning to newer financial technologies as well as less traditional transfer methods to move their funds." Statements, letters, and materials submitted for the record include those of the following: Seamus Hughes, Matthew Levitt, Joseph V. Moreno, and Frederick Reynolds.
Serial No. 115-37
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