Saturday, October 29, 2005

FATF: Looking in the wrong places

The economist has this article on financing terrorism and the use of measures such as proposed by the Financial Action Task Force on Fraud (FATF). Essentially those measures cost a lot of money and don't create any added value.

Which lead to the conclusion:
For KPMG's Mr Dillon, the resources already spent on the effort have handed a victory to the terrorists. “The cost to our global economy is so large, they've already had the effect they wanted,” he says. “The increasing costs of compliance and technology are a form of terrorism. We're damaging ourselves.”.