An executive order signed by President Trump on Monday strengthens the ability of the U.S. government to thwart terrorism by limiting terrorists’ access to funding. In particular, the order expands actions that can be taken against foreign financial institutions that unknowingly have terrorists as customers.
The executive order “raises the stakes for non-U.S. financial institutions dealing with U.S.-sanctioned terrorists, because those banks may now be subject to ‘secondary sanctions’ that can cut off their access to the U.S. financial services market,” explained Matthew Thomas, a partner at the law firm Blank Rome.
