Computer System to Monitor Terrorist Financing

In 2004 the Intelligence Reform and Terrorism Prevention Act was passed requiring the U.S. Treasury Department to look into the feasibility of creating a computer system to assist in the against fight terrorist financing. ^[1] The Treasury Department released a report on Wednesday, January 17, and said the program is feasible; however it is also going to be a difficult undertaking.^[2] "On a technical level, development of information technology systems capable of receiving, storing, analyzing and disseminating an estimated 350 to 500 million records a year is a daunting task," the report said.^[3]

The computer system will be used to combat money laundering, terrorist financing, and other financial crimes. It is expected to take 3 1/2 years to build, and won't be finished by the end of this year as originally planned.^[4] The system will work to give authorities information on as many as 500 million electronic transfers of money in and out of the U.S.^[5]

Ideally, data on cross-border electronic money transfers would be technologically protected, secured, and would only be available to the Treasury Department's Financial Crimes Enforcement Network and the law enforcement and regulatory agencies authorized by law to assess the information.^[6]

At the very least, the information on these transfers will include the name and address of the sender, the amount of the transfer, any payment instructions, the name and address of the beneficiary and the beneficiary's financial institution.^[7]

The Intelligence Reform and Terrorism Prevention Act of 2004 established both the position of Director of National Intelligence and the National Counterterrorism Center.^[8] The Senate approved the bill 89-2, and President George W. Bush signed the Act into law on 17 December 2004.^[9] The Act is divided into eight Titles, as follows:^[10]
I. Reform of the intelligence community
II. Federal Bureau of Investigation
III. Security clearances
IV. Transportation security
V. Border protection, immigration, and visa matters
VI. Terrorism prevention
VII. Implementation of 9/11 Commission recommendations
VIII. Other matters

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^[1] Jeannine Aversa, Finance Tracking system ‘Daunting Task’, AP (FoxNews), January 17, 2007.
^[2] Id.
^[3] Id.
^[4] Id.
^[5] Id.
^[6] 31 U.S.C. § 310 (The Financial Crimes Enforcement Network is a bureau of the United States Department of the Treasury that combats money laundering, terrorist financing, and other financial crimes by compiling and analyzing information about financial transactions.)
^[7] Id.
^[8] Intelligence Reform and Terrorism Prevention Act of 2004, Pub. L. No. 108-458, 118 Stat. 3638
^[9] Id.
^[10] Id.