Sinema Remarks on U.S. Efforts to Stop Terrorist Financing

Statement

Thank you Chairman Fitzpatrick and Ranking Member Lynch.

The subject of today's hearing is: "Could America Do More? An Examination of U.S. Efforts to Stop the Financing of Terror."

The answer is clearly yes.

I appreciate the witnesses' testimonies and agree that the federal government must change its approach and mindset to counter the financing of terrorism.

My focus throughout these hearings has been countering ISIL funding.

ISIL fights locally and inspires terror internationally, but it is different from other transnational terror organizations. Its economic engagement with the outside world is limited, and it derives most of its funds from areas near or under its control.

This Task Force has received testimony that the internal sale of oil is a significant source of income, but it is the taxation, extortion, and theft throughout the entire supply chain that funds the organization. ISIL levies "taxes and fees" at each stage of production, at key roadway crossings, ports of entry, and areas under its control. It replicates this model in other markets, like banking where it robs and then operates local bank branches, gaining money through the "taxation" or extortion of the population and businesses it controls.

Given the closed nature of the majority of ISIL's revenue streams, how can we do more to counter ISIL's revenue sources?

I look forward to hearing more from our witnesses today about how we should restructure our counter finance operations so that we have the flexibility to effectively counter ISIL's largely domestic revenue streams, and fight other terrorist organizations with different funding models.

Thank you.

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