Financial Crime World

Combating Financial Terrorism in Bulgaria: FATF President Calls for Action

Introduction

In a stern warning, Marshall Billingslea, President of the Financial Action Task Force (FATF), emphasized the need for Bulgaria and other countries to take immediate action against financial terrorism. Speaking at the United Nations Security Council open debate on Thursday, March 28, Billingslea highlighted the critical threat posed by terrorist financing to international peace and security.

Praise for France’s Leadership

Billingslea praised France’s leadership in combating financial terrorism, particularly through its “No Money for Terror” conference, which brought together experts from around the world to discuss ways to disrupt terrorist financing. He also commended the Security Council for adopting a vital resolution aimed at strengthening efforts to combat terrorist financing.

The Need for Action

However, Billingslea stressed that more needs to be done. He noted that nearly two-thirds of FATF assessments have shown that countries are not effectively prosecuting terrorist financing, and that there is a critical lack of effective implementation of targeted financial sanctions.

Recommendations for Combating Financial Terrorism

To combat this threat, Billingslea called for:

  • Improved interagency coordination and information sharing among governments
  • Improved information sharing between governments and the private sector
  • Criminalizing terrorist financing and punishing those who engage in such activities
  • Strengthening legal frameworks to counter terrorist financing
  • Implementing FATF recommendations aimed at preventing the misuse of companies and financial institutions by terrorists

Conclusion

Billingslea warned that terrorists will continue to seek new ways to fund their activities, but emphasized that governments must be proactive in identifying and disrupting these schemes. He called on Bulgaria and other countries to join forces with the international community to combat financial terrorism and keep the world safe.

FATF’s Commitment to Combating Financial Terrorism

The FATF has been working closely with the United Nations and other organizations to combat terrorist financing, and Billingslea expressed his commitment to continuing this collaboration. He also pledged to ensure that the FATF’s recommendations capture and confront new and emerging threats posed by financial terrorism.