THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL LIN, CNN ANCHOR: A major part of investigators' work is now focusing on how terrorists financed last Tuesday's attack. CNN Financial News Correspondent Allan Dodds Frank reports on the hidden world of terrorist money laundering.
(BEGIN VIDEO TAPE)
ALLAN DODDS FRANK, CNN FINANCIAL NEWS CORRESPONDENT: In the dusty bizarres of Pakistan and Afghanistan begins the money trail that links Osama bin Laden to the outside world. Sometimes it's cash -- moving through underground networks that do not leave paper trails. Other times money moves through legitimate businesses, shell companies and banks -- zipping around the globe in wire transfers through western capitols and offshore money laundering havens. That makes Osama bin Laden's network of funding a major challenge to investigators.
JIMMY GURULE, TREASURY UNDERSECRETARY: Clearly what I would suspect we're talking about at a minimum is in the millions -- in the millions of dollars to underwrite just the expenses related to this operation.
DODDS FRANK: The United States promises extraordinary pressure on countries currently blacklisted for money laundering. Panama, the Cayman Islands and two other havens just taken off the list have promised to open their records but six others have just been added.
There's also a new twist in the investigation -- a possible scam to profit by betting that certain insurance and airline stocks would be hurt by the September 11th attack.
On Capitol Hill officials cautioned about jumping to conclusions.
PAUL O'NEILL, SECRETARY OF THE TREASURY OF THE UNITED STATES: These are very sophisticated things. You find in many cases that you've got to go through 10 veils before you get to a real source so this is tedious, complex work. Believe me, we are pursuing it.
DODDS FRANK: Unraveling the trades could provide critical clues to terrorist funding.
WILLIAM MCLUCAS, FORMER SEC. ENFORCEMENT CHIEF: Who was behind the trading? Where did the money come from? Where did the proceeds of any profits go? DODDS FRANK: In the financial capitols around the world tracking Osama bin Laden and his money from the sidewalks through cyberspace is becoming the biggest detective story ever.
Allan Dodds Frank, CNN Financial News, New York.
(END VIDEO TAPE)
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