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Global Efforts Intensify Against Terrorist Financing and Money Laundering

In a bid to disrupt terrorist financing networks and prevent money laundering, governments worldwide are stepping up efforts to confiscate funds linked to terrorism and implement robust anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.

Freezing of Terrorist Funds

As part of these efforts, countries have committed to freezing funds used for terrorism financing and implementing laws and procedures to seize assets linked to designated terrorist organizations. The Financial Intelligence Unit (FIU) plays a crucial role in identifying and tracking suspicious transactions, providing timely information to law enforcement agencies.

Strengthening the FIU

To enhance its effectiveness, the FIU must be established on a sound legal basis, with direct access to relevant financial, administrative, and law enforcement information. The unit should also have sufficient operational independence and autonomy to make decisions without interference.

Law Enforcement and Prosecution

To combat money laundering and terrorist financing, governments must ensure that offenses are investigated and prosecuted effectively. This includes:

• Providing legislative backing for the postponement or waiver of arrest warrants
• Enabling investigative agencies to compel document production and witness testimony

Cross-Border Declaration

Countries have also committed to introducing a compulsory cross-border currency declaration system or disclosure mechanism to prevent the transfer of funds linked to terrorism or money laundering.

Preventive Measures: Financial Institutions

Financial institutions (FIs) play a critical role in preventing money laundering and terrorist financing. Governments must ensure that all FIs are brought within the scope of AML/CFT regimes, with implementing regulations in place for:

• Customer due diligence requirements
• Prohibiting anonymous or fictitious accounts
• Conducting ongoing due diligence on business relationships and transactions
• Identifying and verifying the beneficial owner

Implementation Challenges

While these measures are crucial to combating terrorism financing and money laundering, their effective implementation poses significant challenges. Governments must ensure that:

• Laws and regulations are in place, enforced, and supported by adequate resources and training for law enforcement agencies and FIs

International Cooperation

The fight against terrorism financing and money laundering is a global effort that requires international cooperation and coordination. Countries must:

• Share intelligence, best practices, and expertise to disrupt terrorist networks and prevent the misuse of financial systems