Combating Terrorism Financing Act of 2005 - Amends the International Emergency Economic Powers Act to increase penalties for violating a license, order, or regulation under the Act.
Amends the Racketeer Influenced and Corrupt Organizations Act (RICO) to expand its scope to include offenses relating to the financing of terrorism and violations of the Social Security Act relating to obtaining funds through the misuse of a social security number. Authorizes the Department of Homeland Security to investigate violations of money laundering and related offenses. Directs that a transaction or transfer of funds be considered to involve the proceeds of specified unlawful activity if it is part of a set of parallel or dependent transactions involving such proceeds.
Amends the federal criminal code to: (1) provide for civil forfeiture to the United States of the assets of any individual or organization engaged in planning or perpetrating an act of international terrorism against any international organization or against any foreign government; and (2) establish procedures for contesting the confiscation of assets of suspected international terrorists.
Amends RICO to make receiving military-type training from a foreign terrorist organization a predicate offense to violation of money laundering provisions.