Transnational organized crime and terrorism have been viewed as distinct entities. However, much attention has been given in recent years on the complex linkages between the two phenomena and on the extent to which their possible merging calls for the application of a homogeneous anti-crime and anti-terror policy. The present article investigates the factual nexus between terrorism and organized crime in order to ascertain substantial similarities and differences. It moves beyond a discussion on merely the evident factual links by tracing the definitional distinctions between the two phenomena in order to question the validity of a merging ‘war on terror’ and ‘war on crime’ policy. The UK anti-terrorism and counter-organized crime is examined as a case study challenging the validity of the arguments for merging policies.