Since a key strategy in attacking crime and criminal networks has been to identify the proceeds of particular crimes and require the criminal to forfeit those assets, part of the War on Terror has become the mounting of efforts to deprive terrorist organizations of their sources of funding. This will necessarily involve the cooperation and compliance of the financial sector. Terrorist organizations have needs similar to ordinary criminals in securing the instruments of their crime; however, their need for security and secrecy is in most cases more compelling, given the higher stakes. The pressure that has been applied to those jurisdictions that offer "offshore" facilities for financial assets has increased significantly since September 11th. The tragedy of September 11th has eliminated any sympathy for secrecy and coyness in financial transparency. The Patriot Act, which is the legislative core of the United States' War on Terror, has the potential for changing in a significant manner the way in which the world conducts business. The Patriot Act will have a strong impact on the level and depth of compliance that will be required for financial institutions that operate in the United States, as well as any institution or intermediary that deals with the United States or transacts its business in U.S. currency. Consequently, the U.S. requirements will become the international norm. There can be few countries that have not enacted laws, or which are not in the process of enacting laws, that provide for tracing, seizure, and confiscation of at least the proceeds of drug-related crime, if not other forms of serious crime, and which do not to some extent criminalize attempts to launder the proceeds of such criminal activity. In the context of international efforts to diminish the funds available for terrorist activity, there are likely to be significant problems relating to the rights of an individual or institution, as well as the management of evidence and the priority accorded to specific actions. Further, the increased restrictions placed on the operation of financial institutions and markets may provide significant impediments to legitimate international economic activity. 62 references