Washington (Oct. 11, 2002) -- Senate Finance Committee chairman Max Baucus and ranking member Chuck Grassley have introduced legislation to suspend tax-exempt status of designated terrorist organizations.

 

"Money laundering is the war industry of terrorism," said Grassley. "Without funds, terrorists could not purchase the guns, explosives, or other weapons they need to conduct their activities."

 

"This legislation will ensure that any organization which is designated a terrorist organization is not given the benefit of tax exempt status," he said. "We need to shut down the funding mechanisms which make terrorism possible, before they can strike again."

 

Grassley said the legislation is based on an administration proposal.

 

-- Electronic Accountant Newswire staff

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