Governments around the world are intensifying what US Treasury Secretary Mr Paul O'Neill has called an "economic war on terrorism".
Mr O'Neill said the US was making inroads in its drive to block funding for suspected violent groups, including Osama bin Laden's al-Qaeda, accused by Washington of masterminding the deadly September 11 attacks on US landmarks.
"We need all the help we can get to bring to fruition the idea of shutting down financial sources for terrorists beginning with al-Qaeda but not ending there," he told business leaders in New York today.
German Chancellor Mr Gerhard Schroeder urged central bankers and policymakers to pursue co-ordinated action to inflict financial pain on militant groups and those who succour them.
"An international coalition against terrorism does not just work on a political level but must also function on an economic level. Those who support terrorism must feel the negative economic effects," he told parliament during a budget debate.
On Monday, US President Mr George W. Bush froze US assets linked to Afghan-based bin Laden, main suspect for the suicide-hijack assaults that killed nearly 7,000 people.
He also immobilised the assets of 27 individuals and organisations accused of backing the Saudi-born militant, and threatened that foreign banks that failed to follow suit would themselves have their assets blocked in the United States.
Hong Kong is planning to introduce new laws which would allow it to seize any assets in the territory belonging to bin Laden or his associates, Hong Kong radio reported on Wednesday.
Finance ministers of the Group of Seven (G7) industrialised nations - the United States, Britain, Canada, France, Germany, Italy and Japan - yesterday vowed to "pursue a comprehensive strategy to disrupt terrorist funding around the world".
European Union members Britain, France and Germany say they have already frozen assets of those on the US blacklist, while non-EU members Switzerland, Liechtenstein and Luxembourg have pledged to co-operate with the campaign to block suspect funds.