The "fog of war" has long befuddled military and political leaders. Of all the battlefronts in today's war on terrorism, few are as "foggy" as terrorist financing. This report finds that although al Qaeda's finances have been disrupted by US efforts, they have not been destroyed - and as long as al Qaeda retains access to a viable financial network it will remain a lethal threat to the United States. Confronted with a lack of political will among US allies, the Bush administration appears to have made a policy decision not to use the full power of US influence to pressure other governments to disrupt terrorist financing more effectively. The report offers a number of specific recommendations to ensure a more effective US and international response to the problem. It brings together the work and ideas of the country's foremost experts on terrorist financing, along with leading figures in the foreign policy community, on Wall Street and in the law enforcement and intelligence services.