Terrorist Finance Tracking Program (VIDEO)

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Statement of Treasury Secretary John W. Snow on, Disclosure of the Terrorist Finance Tracking Program, FULL STREAMING VIDEO, Terrorist Finance Tracking Program Video in Windows Media Format "President Bush has made it clear that ensuring the safety of the American people and citizens around the globe must be our number one priority.

"Consistent with this charge, one of the most important things we at Treasury do is to follow the flow of terrorist monies. They don't lie. Skillfully followed, they lead us to terrorists themselves, thereby protecting our citizens.

"Given our intimate knowledge of the global financial system and financial flows, along with our close working relationships with financial institutions around the world, Treasury is uniquely positioned to track these terrorist money flows both internationally and domestically. This is part of an overall governmental effort to map terrorist networks and apprehend terrorists around the world. By following the money, the U.S. has been able to locate operatives and their financiers, chart terrorist networks, help bring them to justice, and save lives.

"I am particularly proud of our Terrorist Finance Tracking Program which, based on intelligence leads, carefully targets financial transactions of suspected foreign terrorists. Let me be clear what this program is, and what it is not. It is an essential tool in the war on terror, based on appropriate legal authorities with effective oversight and safeguards. It is not "data mining", or trolling through the private financial records of Americans. It is not a "fishing expedition", but rather a sharp harpoon aimed at the heart of terrorist activity. That fact makes today's disclosure so regrettable, because the public dissemination of our sources and methods of fighting terrorists not only harms national security but also degrades the government's efforts to prevent terrorist activity in the future.

"If there are people sending money to help al Qaeda, then we need to know about it. We also need to take advantage of that knowledge to follow the money trail and thwart them.

"It's hard to overstate the value of this information. That's why, during my tenure, I've focused intently on this program. It is consistent with our democratic values and legal traditions. I know that it works to make America and the world safer. I'm proud of the fact that the 9-11 Commission gave its highest level of recognition to our work. It would have been irresponsible not to have undertaken this program. As President Bush said, we will not sit back and wait to be attacked again," said Secretary Snow. -30-

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