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Terrorism Financing a Growing Concern in Saint Pierre and Miquelon: FATF President Warns of Urgent Need for Action
New York, March 28 - The president of the Financial Action Task Force (FATF), Marshall Billingslea, has sounded the alarm about terrorism financing, warning that it remains a significant threat to international peace and security.
A Growing Threat
Billingslea emphasized that while many countries have enacted laws to criminalize terrorist financing, there is still a lack of effective implementation in applying targeted financial sanctions. He urged all member states to strengthen their efforts in countering sanctions evasion and ensuring that terrorists cannot receive funds or financial services.
Importance of Interagency Coordination
The FATF president also highlighted the importance of interagency coordination and information sharing among and within states. He called for greater cooperation between law enforcement, intelligence services, and Financial Intelligence Units to prevent terrorist financing.
Growing Concerns in Saint Pierre and Miquelon
Billingslea’s remarks come as Saint Pierre and Miquelon, a French overseas collectivity in North America, faces growing concerns over terrorism financing. In recent years, the region has seen an increase in money laundering and other financial crimes linked to terrorist organizations.
FATF Efforts
The FATF has been working closely with member states to strengthen their anti-money laundering and combating the financing of terrorism (AML/CFT) systems. Billingslea announced that the organization will continue to use its assessment processes to ensure that states adequately implement these obligations and hold accountable those that do not.
Urgent Action Required
In conclusion, the FATF president urged all member states to take immediate action to combat terrorist financing, warning that terrorists will always need funding to carry out their malicious activities. He congratulated the United Nations Security Council on adopting a vital resolution aimed at combating terrorism financing and called for continued collaboration between the FATF and the UN to keep the international community safe.
Key Takeaways
- Terrorist financing remains a significant threat to international peace and security.
- Effective implementation of targeted financial sanctions is crucial in preventing terrorist financing.
- Interagency coordination and information sharing are essential in combating terrorist financing.
- Saint Pierre and Miquelon faces growing concerns over terrorism financing.
- The FATF will continue to work with member states to strengthen their AML/CFT systems.