Cuomo proposes anti-terrorism measures for business

Gov. Andrew M. Cuomo on Tuesday proposed additional measures for companies to prohibit terrorists from using legitimate businesses to mask terror funds.

Cuomo’s proposal would require senior financial executives to personally certify that their companies had sufficient systems in place to detect and prevent illegal transactions.

The concern is terror groups engaging in money laundering through legitimate companies that would conceal the terrorist groups’ funding.

“Money is the fuel that feeds the fire of international terrorism,” Cuomo said. “Global terrorist networks simply cannot thrive without moving significant amounts of money throughout the world. At a time of heightened global security concerns, it is especially vital that banks and regulators do everything they can to stop that flow of illicit funds."

The proposal through the solicit Department of Financial Services will now get a 45-day period to solicit public comments before it can be a new regulation on private companies.