Underground money

Cultural Critique

Volumn 65, Issue , 2007, Pages 140-163

  De Goede, Marieke ^a  

^a UNIVERSITY OF AMSTERDAM   (Netherlands)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 47749104617     PISSN: 08824371     EISSN: 14602458     Source Type: Journal    
DOI: 10.1353/cul.2007.0006     Document Type: Review

References (83)

1. White House Press Release, Fact Sheet on Terrorist Financing Executive Order, September 24, 2001, http://www.whitehouse.gov/news/releases/2001/09/ print/20010924-2.html.
2. See, for example, Thomas J. Biersteker, "Targeting Terrorist Finances: The New Challenges of Financial Market Globalisation," in Worlds in Collision: Terror and the Future of Global Order, ed. Ken Booth and Tim Dunne (Basingstoke, UK: Palgrave, 2004);
3. Marieke de Goede, "Financial Regulation in the War on Terror," in After Deregulation: Global Finance in the New Century, ed. Libby Assassi, Duncan Wigan, and Anastasia Nesvetailova (Basingstoke, Palgrave, 2006).
4. Paul A. Passavant and Jodi Dean, "Representation and the Event," in Empire's New Clothes: Reading Hardi and Negri, ed. Paul A. Passavant and Jodi Dean, 315-28 (New York: Routledge, 2004), 316.
5. See also Richard Johnson, "Defending Ways of Life: The (Anti) Terrorist Rhetorics of Bush and Blair," Theory, Culture & Society 19, no. 4 (2002): 211-31;
6. Annita Lazar and Michelle M. Lazar, "The Discourse of the New World Order," Discourse & Society 15, nos. 2-3 (2004): 223-42.
7. George W. Bush, "President Announces Crackdown on Terrorist Financial Network," November 7, 2001, Webcast available at http://www.whitehouse.gov/news/releases/2001/11/#.
8. Susan Bibler Coutin, Bill Maurer, and Barbara Yngvesson, "In the Mirror: The Legitimation Work of Globalization," Law and Social Inquiry 27 (Fall 2002): 801-43 at 804.
9. Passavant and Dean, "Representation and the Event," 320.
10. The term "everyday life of global finance" is from Paul Langley "The Everyday Life of Global Finance," IPEG paper in Global Political Economy 5 (2002), http://www.bisa.ac.uk/groups/ipeg/papers/PaulLangley.pdf.
11. Louis Pauly, Who Elected the Bankers? (Ithaca, N.Y.: Cornell University Press, 1997), 142.
12. Paul Langley, "(Re)politicizing Global Financial Governance: What's 'New' about the 'New Financial Architecture'?" Global Networks 4 (January 2004): 69-87 at 69.
13. Susanne Soederberg, The Politics of the New Financial Architecture (London: Zed Books, 2004), 83.
14. Langley, "(Re)politicizing Global Financial Governance," 70;
15. see also J. K. Gibson-Graham, The End of Capitalism (As We Knew It) (1996; repr., Minneapolis: University of Minnesota Press, 2006), 253-56;
16. Marieke de Goede, Virtue, Fortune, and Faith (Minneapolis: University of Minnesota Press, 2005), 3-5;
17. for a critical reflection on the new financial architecture see also Jacqueline Best, "Moralizing Finance: The New Financial Architecture as Ethical Discourse," Review of International Political Economy 10 (August 2003): 579-603.
18. Gibson-Graham, The End of Capitalism, 255-56.
19. Rita Raley "Empires," Cultural Critique 57 (Spring 2004): 111-50 at 120.
20. Michael Hardt and Antonion Negri, Empire (Cambridge, Mass.: Harvard University Press, 2000), xii; emphases in original.
21. Raley "eEmpires," 132.
22. Julian Reid, "The Biopolitics of the War on Terror," Third World Quarterly 26, no. 2 (2005): 237-52.
23. Bill Maurer, "On Divine Markets and the Problem of Justice: Empire as Theodicity," in Empire's New Clothes: Reading Hardi and Negri, ed. Paul A. Passavant and Jodi Dean, 57-72 (New York: Routledge, 2004);
24. see also, for example, Timothy Brennan, "The Empire's New Clothes," Critical Inquiry 29 (Winter 2003): 337-67.
25. Maurer, "On Divine Markets," 69;
26. On the cultural history of modern finance see de Goede, Virtue, Fortune, and Faith; on finance and Empire
27. see also Mark C. Taylor, Confidence Games: Money and Markets in a World without Redemption (Chicago: University of Chicago Press, 2004).
28. Judith Butler, Precarious Life: The Powers of Mourning and Violence (London: Verso, 2004), 52;
29. on governmentality, see also Michel Foucault, "Governmentality, " in The Foucault Effect, ed. Graham Burchell, Colin Gordon, and Peter Miller, 87-104 (Chicago: University of Chicago Press, 1991);
30. Wendy Larner and William Walters, eds., Global Governmentality: Governing International Spaces (London: Routledge, 2004).
31. On global governance, see for example, Approaches to Global Governance Theory, ed. Martin Hewson and Timothy J. Sinclair (New York: State University of New York Press, 1999);
32. A. Claire Cutler, Virginia Haufler, and Tony Porter, eds., Private Authority in International Affairs (New York: State University of New York Press, 1999).
33. Martin Coward, "Securing the Global (Bio)Political Economy," in International Political Economy and Poststructural Politics, ed. Marieke de Goede, 60-76 (Basingstoke, UK: Palgrave, 2006), 67;
34. see also Martin Coward, "The Imperial Character of the Contemporary World Order," Theory & Event 8, no. 1 (2005): §29.
35. Coward, "Securing the Global," 67-68.
36. Butler, Precarious Life, 56.
37. See Louise Amoore and Marieke de Goede, "Governance, Risk, and Data-veillance in the War on Terror," Crime, Law, and Social Change 43, nos. 2/3 (2005): 149-73 at 167.
38. David Campbell, "The Biopolitics of Security: Oil, Empire, and the Sports Utility Vehicle," American Quarterly 57 (September 2005), 943-72 at 948;
39. see also David Campbell, Writing Security: United States Foreign Policy and the Politics of Identity (Minneapolis: University of Minnesota Press, 1992).
40. James Der Derian, "The Question of Information Technology in International Relations," Millennium 32, no. 3 (2003), 441-56 at 443.
41. Many thanks to Urs Staeheli for pointing this out. For a critique of money as a neutral, rational mechanism, see Viviana Zelizer, The Social Meaning of Money: Pinmoney, Poor Relief, and Other Currencies (Princeton, N.J.: Princeton University Press, 1997).
42. Loretta Napoleoni, Modern Jihad: Tracing the Dollars behind the Terror Networks (London: Pluto Press, 2003), xv; emphasis added.
43. Napoleoni's influence in the policy community is growing, and she was, for example, the coordinator of the terrorist finance working group at the International Summit on Democracy, Terrorism, and Security in Madrid in March 2005. See http://english.safe-democracy.org.
44. Marieke de Goede, "Hawala Discourses and the War on Terrorist Finance," Environment and Planning D: Society and Space 21, no. 5 (2003): 513-32.
45. For other critiques of the ways in which hawala has been portrayed and targeted, see Jammaz Al-Suhaimi, "Demystifying Hawala Business," The Banker 152, no. 914 (2002): 76-78;
46. Cindy Horst and Nick van Hear, "Counting the Cost: Refugees, Remittances, and the 'War against Terrorism,'" Forced Migration Review 14 (2002): 32-34.
47. Meenakshi Ganguly, "A Banking System Built for Terrorism," Time Magazine, October 5, 2001, http://www.time.com/time/world/printout/0,8816, 178227,00.html.
48. U.S. Department of the Treasury, 2003 National Money Laundering Strategy, 13, http://www.treas.gov/offices/enforcement/publications/ml2003.pdf.
49. Napoleoni, Modern Jihad, chapter 10. The quote is taken from the Dutch version of the book, which appeared in 2004 and has an eighteenth chapter added in light of the 2003 Madrid bombing: Loretta Napoleoni, NV Terreur: De Nieuwe Economie van de Terreur (Amsterdam: Arbeiderspers, 2004), 286; translation mine.
50. ICE (U.S. Immigration and Customs Enforcement), "ICE Campaign against Illegal Money Transmitters and Underground 'Hawalas' Yields 140 Arrests and 138 Indictments Nationwide," News Release, May 23, 2005; emphasis added, http://www.ice.gov/graphics/news/newsreleases/articles/hawalas052305.htm.
51. John J. Byrne, "Banks and the USA Patriot Act," E-Journal USA: The Global War on Terrorist Finance, U.S. Department of State, September 2004, 19. Byrne bases this profile on the report of the 9/11 Commission. It is, however, a very contestable interpretation of this report, because the 9/11 Commission is particularly critical of the uses of financial profiling in the war on terror, as will be discussed below.
52. See for example, Financial Action Task Force on Money Laundering, "Guidance for Financial Institutions in Detecting Terrorist Financing," April 24, 2002, Annex 1, http://www.fatf-gafi.org/dataoecd/39/ 21/34033955.pdf.
53. For more detail on suspicious profiles, see Amoore and de Goede, "Governance, Risk," 153-54. For evidence of increasing financial exclusion
54. John A. Herrera's testimony for the hearing entitled "PATRIOT Act Oversight: Investigating Patterns of Terrorist Financing," for the House Committee on Financial Services, February 12, 2002, http://financialservices. house.gov/media/pdf/ 021202jh.pdf; Toynbee Hall, SAFE, Banking the Unbanked: A Snapshot, November 2005;
55. Tony Levene, "Why Rules Won't Wash on Money Laundering," The Guardian Jobs and Money, June 28, 2003, 2-3.
56. For details of these cases, see pages 87-130 of John Roth, Douglas Greenberg, and Serena Wille for the National Commission on Terrorist Attack upon the United States, Monograph on Terrorist Financing, 2003 http://www.9- 11commission. gov/staff_statements/911_TerrFin_Monograph.pdf.
57. Kenneth Dam, prepared statement for hearing on The Role of Charities and NGOs in the Financing of Terrorist Activities, August 1, 2002, http://www .banking.senate.gov/02_08hrg/080102/dam.htm.
58. Quoted in Roth, Greenberg, and Wille, "Monograph," 108-9; emphasis added.
59. This debate is ongoing and illustrates well the ambiguous dividing line between financing of terrorism and financial support to families and public services in combat zones, including Chechnya, Bosnia, and Palestinian territories. See Steven R. Weisman, "Allies Resisting as U.S. Pushes Terror Label for Hezbollah," New York Times, online edition, February 17, 2005;
60. for a U.S. perspective on the issue, see also page 7 of Dennis M. Lormel's testimony on July 13, 2005, before the Senate Committee on Banking, Housing and Urban Affairs on Money Laundering and Terrorist Finance Issues in the Middle East, http://banking.senate.gov/files/lormel.pdf.
61. Richard Shelby, statement before the Senate Committee on Banking, Housing, and Urban Affairs, July 13, 2005, on Money Laundering and Terrorist Finance Issues in the Middle East, http://banking.senate.gov/index.cfm? Fuseaction= Hearings.Testimony&TestimonyID=927&HearingID=153.
62. FATF is the leading international regulatory body dealing with antimoney laundering and anti-terrorist financing issues. In the wake of 9/11, it released eight special recommendations on terrorist financing (now nine). See http://www.fatf-gafi.org/document/9/0,2340,en_32250379_32236920_ 34032073_1_1_1_1,00.html. For an overview of diplomatic pressure on the Middle East regarding terrorist financing
63. see E. Anthony Wayne's testimony before the Senate Committee on Banking, Housing, and Urban Affairs, July 13, 2005, on Money Laundering and Terrorist Finance Issues in the Middle East, http://banking .senate.gov/_files/ACFAA.pdf.
64. Stuart Levey, testimony before the Senate Committee on Banking, Housing and Urban Affairs, July 13, 2005, on Money Laundering and Terrorist Finance Issues in the Middle East, 2; http://banking.senate.gov/_files/ACFA8.pdf.
65. For example, see Susanne Soederberg, "The Promotion of 'Anglo-American' Corporate Governance in the South," Third World Quarterly 24, no. 1 (2003): 7-27;
66. also Soederberg, The Politics of the New Financial Architecture.
67. De Goede, "Hawala Discourses."
68. See for example the offering of international conferences and Webcasts on by MoneyLaundering.com: http://www.moneylaundering.com.
69. The idea that terrorist money is foreign money is sometimes expressed very explicitly, for example by Treasury Department Undersecretary Jimmy Gurule, who said in a press release: "international terrorism is financed by money sent to terrorists from sources around the world." See Jimmy Gurule, "Press Statement," Terrorist Financing Rewards Programme, U.S. Treasury, undated, http://www.ustreas.gov/rewards/gurule.shtml.
70. Campbell, "The Biopolitcs of Security," 948.
71. Taylor, Confidence Games, 321.
72. Bill Maurer, Mutual Life, Limited: Islamic Banking, Alternative Currencies, Lateral Reason (Princeton, N.J.: Princeton University Press, 2005), 41. Maurer borrows this term from Michel Callon.
73. See also Michael Levi, "Following the Criminal and Terrorist Money Trails," in Criminal Finances and Organising Crime in Europe, ed. Petrus C. van Duyne, Klaus von Lampe, and James L. Newell (Nijmegen, The Netherlands: Wolf Legal Publishers, 2003).
74. Louise Amoore, "There Is No Locus of Great Refusal," in International Political Economy and Poststructural Politics, ed. Marieke de Goede (Basingstoke, UK: Palgrave, 2006), 263.
75. For cultural praxis as a site of financial resistance, see also Marieke de Goede, "Carnival of Money: Politics of Dissent in an Era of Globalizing Finance," in The Global Resistance Reader, ed. Louise Amoore (London: Routledge, 2005).
76. Quote from Heather Oliver, "Talking to the Terrorists," Cherwell Online, http://www.cherwell.org/show_article.php?id=2976.
77. Amoore, "There Is No Locus," 263.
78. Salman Rushdie, interviewed by Chris Kijne, "Zo Schrijf je een Boek," ["How to Write a Book"], Zaterdag Etcetera, NKC Handelsblad, August 20, 2005, 8; my translation.
79. See the work / play the game online at http://www.cityarts.com/ greatgame/.
80. Raley, "Statistical Material," 82, 83.
81. Johnson, "Ways of Life," 225.
82. See also Joyce Goggin, "Metaphor and Madness: Stacking the Deck on Iraq," Bad Subjects, 2005, http://bad.eserver.org/reviews/2005/goggin.html.
83. Der Derian, "The Question of Information Technology," 452-54.