Terrorist financing is the raising and processing of funds to support terrorism. 

It is closely related to money laundering: Both are crimes that obscure financial assets for criminal purposes. An important distinction: 

Money laundering makes "dirty money" legitimate: Criminals use the financial system to hide the source of funds from illegal activities.
 
Terrorist financing involves legitimate and illegitimate funds: It directs "clean money" to supporting terrorism and cleans "dirty money" from terrorists' criminal activity so it can be used to support their mission.
Meet the Expert

Dennis Lormel

Consultant Dennis Lormel

About Dennis

  • Internationally recognized expert on Terrorist Financing with client banks ranging from small (Regions Bank, Ally Bank) to multi-national (J.P. Morgan Chase, Bank of America, Goldman Sachs, Merrill Lynch)
  • As the FBI's Chief of Terrorist Financing Operations Section, conceived of and directed the initiative that identified the funding of the 9/11 attacks
  • Provides topical insights to Congressional committees and to media outlets including: The Wall Street Journal, CNBC, and CBS
  • Expertise in delivering investigative intelligence, risk advisory consultations, litigation support services, compliance risk and assessment, and educational seminars and training

Experience

President • DML Associates, LLC
Jun, 2010 — Present
  • Consulting services and training related to terrorist financing, money laundering, fraud, financial crimes, and due diligence
  • Provides litigation support to numerous law firms and serves as expert witness and consultant
  • Clients include: J.P. Morgan Chase, Bank of America, Ally Bank, Regions Bank, Nomura Securities, and First Bank
  • Strategic partners include: Booze Allen Hamilton, Chartwell Compliance, Deloitte, and Mesirow Financial
  • Software partners: include World Compliance, SAS, Bankers Toolbox and Fiserv
  • Recognized expert providing testimony to U.S. Congressional Subcommittees and appearing in media: The Wall Street Journal, CBS, CNBC and Fox News
Managing Director • IPSA International
2008 — 2010
  • Managing Director, Northeast Region, for consultancy delivering fraud, anti-money laundering and terrorist financing services
  • Delivered AML Lookback services for: Citibank, Merrill Lynch, J.P. Morgan Chase and Giuliani Security and Safety
  • Represented IPSA within the industry, through speaking engagements and training programs
Senior Vice President • Corporate Risk International
2004 — 2008
  • Instituted AML practice
  • Designed AML programs and conducted customer due diligence investigations for clients to comply with the U.S. Patriot Act and Bank Secrecy Act 
  • Clients included: Goldman Sachs, Credit Suisse, Merrill Lynch, and Giuliani Security and Safety
Chief • Federal Bureau of Investigation
Jan, 1976 — Dec, 2003
  • Chief, Terrorist Financing Operations Section, Counterterrorism Division
  • Following the terrorist attacks of September 2001, formulated, established and directed the FBI’s comprehensive terrorist financing initiative that identified the funding stream that supported the attacks
  • Developed and implemented a variety of proactive and progressive investigative methodologies, evolving into the formation of a formal Section within the Counterterrorism Division of the FBI, known as The Terrorist Financing Operations Section
  • Prior positions span from Supervisory Special Agent to Chief/Financial Crimes Section/Criminal investigative Division, all directed toward financial crimes with increasingly levels of scope, authority, and management
  • Other notable investigations include ABSCAM, Bank of Credit and Commerce International (BCCI), and fugitive financier Robert Vesco
Agent • Internal Revenue Service
1973 — 1976
  • Conducted tax audits to assist in criminal invstigations of money laundering and unreported income as part of the Organized Crime Strike Force

Awards

  • CIA George H. W. Bush Award for Excellence in Counterterrorism
  • DOJ, Criminal Division, Assistant Attorney General Award for Investigative Initiative

Committees

  • Testimony before the House Committee on Homeland Security, Subcommittee on Counterterrorism and Intelligence, "Terrorist Financing Since 9/11: Assessing an Evolving al Qaeda and State Sponsors of Terrorism" (5/18/2012)
  • Advisor to the Congressional Anti-Terrorist Financing Task Force, chaired by former U.S. Representative Sue Kelly (founded 2004).
  • Authored testimony on terrorist financing by senior FBI officials in 2003.
  • Chair of the ACAMS DC Capital Chapter Board

Keynote Speeches

Hundreds of industry speeches, including recently:

  • Money Laundering.com Annual AML Conference, March 2013
  • "Can You Think Like a Fraudster?", World Compliance webinar, January 2013
  • ACAMS Annual International Money Laundering Conference 2012
  • ABA Regulatory Compliance Conference 2012

Publications

  • Contributor to CounterterrorismBlog.org
Packages with Dennis starting from $400

Your Expert Package Includes:

Best Practices

Access to ALL Best Practices authored by TrustedPeer Expert Dennis Lormel on this topic.

Pre-Call Discovery Process

Review and analysis of your issue with pre-call discovery questions by Dennis, followed by a 30- or 60-minute one-on-one call. Sample

One+-on-One Call

Your (+colleagues) session is directed and focused from the first minute.

Session Summary Report

After your call, Dennis completes a Session Summary Report to provide you with the session’s discussion topics, analysis, assessment and recommendations for next steps. Sample

Post-Session Engagement

After your session, continue your relationship with Dennis on your own, or with TrustedPeer’s support.