International Law

Financial Action Task Force Report on Terrorist Financing

The Financial Action Task Force (FATF) is an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing.

The FATF has released a study (pdf) examining the means used by terrorists to raise funds and the wide variety of methods used to move money within and between organisations. The adaptability and opportunism shown by terrorist organisations suggests that all the methods that exist to move money around the globe are to some extent at risk.

The study identifies four areas which could be the focus of efforts to further strengthen counter-terrorist financing efforts:
(1) action to address jurisdictional issues including safe havens and failed states,
(2) outreach to the private sector to ensure the availability of information to detect terrorist financing,
(3) building a better understanding across public and private sectors and
(4) enhanced financial intelligence to exploit the value of financial investigation as a tool in fighting terrorism.

Full post as published by Australian Regulatory Compliance Review on March 26, 2008 (boomark / email).