Bush Administration Announces Creation of New Office in Ramped up Effort to Fight the Financial War on Terror President Bush makes a point during a speech at Wright Patterson Air Force Base in Dayton, Ohio The Bush Administration today announced the creation of the Office of Terrorism and Financial Intelligence (TFI) at the Department of the Treasury. TFI will lead Treasury's efforts to cut the lines of financial support to international terrorists, a critical component of the Administration's overall effort to keep America safe from terrorist plots. TFI will be led by a new under secretary one of only three in the Treasury department and two assistant secretaries. As President Bush has said, there is no greater responsibility than protecting the American people from terrorism. Treasury's Office of Terrorism and Financial Intelligence will enhance the precision of our relentless fight to dismantle the terroristsnetwork of financial and logistical support and disrupt their plans to harm America and all other nations that value liberty and freedom,said Secretary of the Treasury John W. Snow. As part of the restructuring of Treasury's authorities and resources, the Executive Office of Terrorist Financing and Financial Crimes, the Financial Crimes Enforcement Network (FinCEN), and the Office of Foreign Assets Control, as well as reallocated resources from within the Treasury Department, will be brought under the leadership of TFI. The new office will not only focus on the financial war on terror, but also protect the integrity of the financial system, fight financial crime, enforce economic sanctions against rogue nations and assist in the ongoing hunt for Iraqi assets. The creation of TFI will redouble Treasury's efforts in specific ways. Targeted Intelligence Analysis. The combined use of intelligence and financial data is the best way to detect how terrorists are exploiting the financial system and to design methods to stop them. By coordinating Treasury's intelligence functions and capabilities, TFI will benefit from enhanced analytical capabilities, as well as additional expertise and technology. Aggressive Enforcement. The passage of the USA PATRIOT Act in 2001 gave the Treasury Department important new tools to detect and prevent the abuse of our financial system by terrorists and other criminals. TFI will coordinate Treasury's aggressive effort to enforce these regulations. Unprecedented International Coordination. We have forged a strong international coalition to combat terrorist financing. The ongoing, cooperative efforts between the U.S. and our international partners are at unprecedented levels. The unified structure will promote a robust international engagement and allow us to intensify outreach to our counterparts in other countries. Accountability. Having a single office is the best way to ensure accountability and achieve results for this essential mission. Since the attacks of September 11, 2001, the Bush administration has been hard at work to secure our homeland and prevent the spread of terrorism around the world. The Treasury Department has played an important role by facilitating the creation of a worldwide network of laws, institutions and information-sharing to help prevent the use of the financial system by terrorists and money launderers. Treasury has led the efforts to block assets of persons and entities worldwide funneling money to terrorists, including those affiliated with Al-Qaeda and Hamas. To date, 351 individuals and entities have been designated under President Bush's Executive Order aimed at freezing the assets of terrorists and their supporters. Approximately $200 million in terrorist-related assets have been frozen or seized and kept out of the hands of terrorists as a result of efforts by the United States and its allies. President Bush and first lady Laura Bush, center, takes part in a moment of silence, Thursday, Sept 11, 2003, on the South Lawn of the White House Treasury has also played a key role in the United Stateseffort to return billions of dollars to the Iraqi people that had been stolen by the brutal regime of Saddam Hussein. Over $2.5 billion of Iraqi assets have been frozen and transferred to the people of Iraq approximately three quarters of a billion dollars worth coming from foreign sources. Under U.S. leadership, approximately $4.5 billion of Iraqi assets and funds Saddam Hussein robbed from the Iraqi people have been frozen worldwide. Under President Bush's leadership we are hot on the trail of terrorists and their supporters. We will use every tool we have to shut down their organizations and bring them to justice,Snow continued. The new positions announced today are presidential appointments and will require Senate confirmation. President Bush will express his intent to nominate selected individuals in due course.