Combating Terrorist Financing: FATF President Urges International Cooperation

The Financial Action Task Force (FATF), an intergovernmental organization that sets global standards for combating terrorist financing, has called upon nations to work together to prevent terrorists from accessing funds and financial services.

The Growing Concern of Terrorist Financing

According to the FATF president, terrorist financing is a growing concern as it enables extremist groups to carry out devastating attacks worldwide. The organization has identified several key areas where efforts can be strengthened:

• Effective prosecution of terrorist financing
• Targeted financial sanctions
• Bolstering interagency coordination and information sharing

Lack of Effective Implementation

The FATF president highlighted that while many countries have taken steps to criminalize terrorist financing, there is a critical lack of effective implementation in applying these sanctions. The organization has called upon the Counterterrorism Committee and ISIL/AQ Monitoring Team to bring to light specific cases of non-compliance and ensure that all member states effectively counter sanctions evasion.

Collaboration with the Private Sector

In addition, the FATF president emphasized the importance of working closely with the private sector, including banks and financial institutions, to share information and prevent terrorist financing. The organization has released risk indicators to assist in identifying possible terrorist financing and has disseminated a confidential best practices paper on ways to strengthen interagency information sharing and cooperation.

Urging Nations to Do More

The FATF president urged nations to do more to combat terrorist financing, stressing that terrorists will always need funding and it is up to the international community to criminalize such conduct and punish those who engage in terrorist financing. The organization has pledged to continue using its assessment processes to ensure that states adequately implement these obligations and hold accountable states that do not.

Security Council’s Adoption of Resolution

The Security Council’s adoption of the resolution on combating terrorist financing was hailed by the FATF president as a significant step forward in the global fight against terrorism. The organization looks forward to continuing its close collaboration with the council to combat terrorist financing and keep the international community safe.