Financial Crime World

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Combating Financing of Terrorism: Best Practices in Faroe Islands

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As part of its efforts to combat financing of terrorism (CFT) globally, the International Monetary Fund (IMF) has been working with member countries to develop effective anti-money laundering (AML) and CFT policies. In this article, we will explore the best practices in combating financing of terrorism in the Faroe Islands.

The IMF’s Strategy

The IMF’s work on AML/CFT is guided by its strategy, which aims to prevent and combat money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction (WMD) or proliferation financing (PF). The Fund has helped shape AML/CFT policies globally and within its members’ national frameworks.

Combating Financing of Terrorism in Faroe Islands

The Faroe Islands, as a member country of the IMF, has implemented various measures to combat financing of terrorism. These include:

  • Implementing targeted financial sanctions
  • Freezing assets of designated individuals and entities
  • Cooperating with international organizations to prevent and combat terrorist financing

Additionally, the Faroe Islands has established several institutions and agencies responsible for combating financing of terrorism, including:

  • The Financial Intelligence Unit (FIU)
  • The Anti-Money Laundering Authority (AMLA)

Conclusion

Combating financing of terrorism requires a comprehensive approach that involves implementing effective AML/CFT policies, freezing assets of designated individuals and entities, and cooperating with international organizations. The Faroe Islands has made significant progress in this regard, and the IMF continues to work closely with the country to ensure its financial system is resilient to these threats.

Additional Resources

What is ML/TF/PF?

  • Money laundering: the processing of assets from criminal activity to obscure their illegal origins.
  • Terrorism financing: the raising and processing of funds to supply terrorists with resources.
  • Financing of the proliferation of weapons of mass destruction: a requirement on countries to implement targeted financial sanctions to comply with United Nations Security Council resolutions.

Publications

  • IMF AML/CFT Strategy
  • Faroe Islands AML/CFT Regulations
  • International Best Practices for Combating Financing of Terrorism

Blogs

  • “Combating Financing of Terrorism: A Global Challenge”
  • “The Role of the IMF in Combating Financing of Terrorism”

Assessments

  • IMF AML/CFT Assessment of the Faroe Islands
  • Financial Action Task Force (FATF) Mutual Evaluation Report on the Faroe Islands

Videos and Events

  • IMF Webinar: “Combating Financing of Terrorism: Best Practices”
  • FATF Workshop: “Implementing Effective AML/CFT Policies”