Terrorism is a centuries-old problem that has evolved with time. Likewise, methods of terrorist financing have evolved with time and technology. From hawala to virtual currency, cash to bitcoin, funding mechanisms have evolved. The one constant is that terrorists require funds to sustain their operations and they will take advantage of every funding source and mechanism they can reach to access finances. This compelling session will discuss a variety of terrorist financing mechanisms and how they have evolved to facilitate terrorist operations. The session will also discuss funding sources and the funding streams terrorists use to sustain their operations.
Mr. Lormel retired from the Federal Bureau of Investigation (FBI) in December 2003, having served 28 years as a Special Agent. During his distinguished career, Mr. Lormel amassed extensive major case experience as a street agent, supervisor and senior executive, particularly in complex, document and labor intensive financial related investigative matters. In December 2000, Mr. Lormel was promoted to Chief of the FBI’s Financial Crimes Program.
Immediately following the terrorist attacks of September 2001, Mr. Lormel formulated, established and directed the FBI’s comprehensive terrorist financing initiative. He developed and implemented a variety of proactive and progressive investigative methodologies. These efforts evolved into the formation of a formal Section within the Counterterrorism Division of the FBI, known as The Terrorist Financing Operations Section. This multi-agency, multi-disciplined entity attained international recognition as one of the world’s elite operations for tracking, investigating and disrupting terrorist-related financial activity. For his visionary contributions, Mr. Lormel received numerous commendations and awards from the U.S. Department of Justice as well as the George H. W. Bush Award for Excellence in Counterterrorism from the Central Intelligence Agency.
Over the last 14 years, Mr. Lormel has served as the founder and President of DML Associates, LLC where he provides consulting services and training related to terrorist financing, money laundering, fraud, financial crimes, suspicious activity and due diligence.