Combating the terrorism finance, a reasonable perspective or just a good work opportunity-Combating the terrorism finance, a reasonable perspective or just a good work opportunity-【移投策】

Combating the terrorism finance, a reasonable perspective or just a good work opportunity

条评论 1257

2017-07-07

Terrorist financing is between the key primary offences of ML legislation

Terrorist financing may use legitimate funds for illegal activities. On the other hand in M.L the money always derives from illegal activity.

Terrorists wish to disguise the link between their funding source and themselves ,so many of the layering techniques are used.

Key suspicious items


Account holders name on a list of suspected terrorists

Frequent large cash deposits in a non-profit’s account

High volume of transactions

Lack of clear relationship between activity and account holders business

Large cash deposits followed by frequent withdrawals until the funds are depleted.

To use an account as a front for a person with suspected terrorist links

After the terrorist attacks of the 11/9/2001, there was an explosion of the global countermeasures  against the Terrorist Finance and the proliferation of weapons of mass destruction.In particular,the basic legal changes in the global AML environment are the following :1) FATF adopted 9 recommendations with the FATF revision of 2003 and 2012 2),the Basel Committee  decided the sharing of financial records between jurisdictions in connection with the fight against terrorist finance(2002)and formulated the consolidated KYC risk management paper(2004),3)  EU Directives ,4)US Patriot Act,the Wolfsburg guidelines on the suppression of the Financing of Terrorism ,5)the reference guide of World Bank and International Monetary Fund on laundering and combating the financing of terrorism.6) the best practices of Egmont Group for the exchange of information between FIU s(Financial Intelligence Units).and the targeted financial sanctions of the UNSCR(United Nations Security Counsil Resolution)1373

Though the significant efforts to combat the terrorist finance and mitigate the global  terrorism ,it seems that we are still in the middle of the ocean.The very low cost that  terrorists need for a terrorist action  and the ease with which they can cause a fatal accident  make unfortunately  the suppression of terrorist finance to seem like an unfulfilled dream.Terrorism is one step ahead from laws and predictability.


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