Al-Qaeda and Affiliates: Global Effort to Combat Terrorist Financing

The Financial Action Task Force (FATF) has launched a comprehensive strategy to disrupt and dismantle the financial networks of Al-Qaeda and its affiliates, with the aim of combating terrorist financing globally.

To achieve this goal, the FATF aims to ensure that countries collect and share reliable information on terrorist financing activities. This includes addressing gaps in data protection and privacy laws to prevent potential breaches of confidentiality and security.

Integrating International Standards

The FATF will review its standards to integrate the financial provisions of recent United Nations Security Council Resolutions dealing with terrorism and terrorist financing. This will help ensure that countries have a robust framework for combating terrorist financing.

Analyzing Revisions to Standards

As part of this effort, the FATF will analyze revisions to its standards in areas such as:

Monetary thresholds for customer due diligence
Prepaid cards
Large denomination banknotes
Wire transfers
Money transfer services agents

Issuing Best Practices and Guidance

The organization will also consider issuing best practices or guidance in relevant areas to support more effective implementation, while taking into account the impact on financial inclusion and legitimate business.

Evaluations and Follow-up Processes

To ensure that countries are effectively applying anti-money laundering (AML) and combating the financing of terrorism (CFT) measures, the FATF will conduct regular evaluations and follow-up processes. The organization will also identify and take measures against countries with strategic deficiencies in AML/CFT systems.

Strengthening International Cooperation

The FATF has a longstanding process of conducting mutual evaluations with its member states to assess technical compliance and effectiveness. This strategy aims to build on this process by strengthening domestic coordination and international cooperation to combat terrorist financing.

Key Objectives

Collect and share reliable information on terrorist financing activities
Address gaps in data protection and privacy laws
Integrate financial provisions of recent United Nations Security Council Resolutions into FATF standards
Analyze revisions to standards for customer due diligence, prepaid cards, large denomination banknotes, wire transfers, and money transfer services agents
Issue best practices or guidance in relevant areas
Conduct regular evaluations and follow-up processes with member states
Identify and take measures against countries with strategic deficiencies in AML/CFT systems

Conclusion

The FATF’s strategy aims to disrupt the financial networks of Al-Qaeda and its affiliates, ultimately preventing them from funding their terrorist activities. By working together, the global community can effectively combat the financing of terrorism and ensure a safer world.