However, in the war against terrorism, finance is a major weapon. Unlike military professionals, AML professionals are not considered to be warriors. Despite the deaths of bin Laden and many, many more Islamist terrorists, the war declared by bin Laden lives on.
In 1996, and again in 1998, Osama bin Laden declared war against the U.S., their Western allies and virtually anyone who was a nonbeliever of his espoused form or interpretation of radical and extremist Islam. Nor is it likely that they have established specific left-of-boom and right-of-boom policies and procedures. However, it is unlikely that many financial institutions have developed a visible left- and right-of-boom mindset. From an AML compliance perspective, AML professionals are highly committed to address the challenges of identifying and reporting terrorist financing.Īs an industry, numerous financial institutions have processes in place to either proactively or reactively attempt to identify terrorist financing. Establishing and maintaining a position left of boom is extremely challenging. Clearly, left of boom is where AML professionals want to be from a national security and economic standpoint. In contrast to “left of boom,” “right of boom” is the time directly following a terrorist attack. Since 9/11, law enforcement, intelligence services and first responders have used the term “left of boom” as a point of reference to stay ahead of and avert terrorist attacks.
Why should the concept of flash to bang matter to anti-money laundering (AML) professionals? It should matter because of the threat of terrorism and terrorist financing. The focus must be on the importance of developing left-of-flash strategies. This is referred to as “right of bang.” The most important lesson is not to wait for flash or bang. If bang occurs, immediate steps must be taken to minimize the damage, rebuild capacity and mitigate additional risk. Learn the value of taking actions or mitigating steps “left of flash.” This means getting in front of the flash point, identifying the threat and preventing, disrupting or diminishing any adverse impact should the attack occur. Does it degrade operational capacity? Dealing with flash and bang requires planning and processes to mitigate any diminished capacity and areas of vulnerability. When the bang occurs, the military concern is how mission performance is impacted. “Flash” is a warning or alert that the attack is imminent or underway. In this context, “bang” represents the moment an attack occurs. From a military perspective, the term “flash to bang” is from the time when light is first observed until the sound of the munition detonation.