EU measures to combat terrorist financing since 9/11: efficient, but not very effective

Abstract

ABSTRACT Efforts to disrupt, deter and dismantle terrorist financing networks have become the key elements of the EU's post-9/11 counterterrorism policy. This reflects the prevailing wisdom which suggests that successfully executed counterterrorist financing (CTF) measures mitigate the first-mover advantage terrorists otherwise hold. Using EU’s own goals from its action plans and counterterrorism strategies as the baseline criteria, this article examines how successful the EU has been in implementing the relevant aspects of various UN Security Council resolutions, the special recommendations of the Financial Action Task Force, and its own CTF measures since 9/11. Reflecting the constant evolution of sources and methods of terrorist financing, the importance of cooperation with private financial institutions, and using publicly available data, the article also examines the impact of the EU CTF measures on terrorist financing in and beyond Europe.