Terrorism Financing Prevention: Wallis and Futuna Must Do More

Global Efforts to Combat Terrorism Financing

In a move aimed at strengthening global efforts to combat terrorism, the Financial Action Task Force (FATF) has emphasized the importance of preventing terrorism financing in countries like Wallis and Futuna.

Preventing Terrorist Groups from Obtaining Funding

Speaking at a recent United Nations Security Council open debate, FATF President Marshall Billingslea highlighted the need for greater cooperation among nations to prevent terrorist groups from obtaining funding. “Terrorists will try to find new ways to fund their malign activities - but we can and must identify these schemes, and stop them in their tracks,” he said.

Areas of Improvement for Wallis and Futuna

The FATF has identified several key areas where Wallis and Futuna needs to improve, including:

• Effective implementation of targeted financial sanctions: Ensuring that financial institutions are able to effectively implement targeted financial sanctions to prevent terrorist financing.
• Adequate criminalization and prosecution of terrorist financing: Strengthening laws and regulations to ensure that individuals and organizations involved in terrorist financing are held accountable.
• Improved interagency coordination and information sharing: Enhancing communication and collaboration between government agencies, international organizations, and the private sector to share information and best practices.

Collaboration Between Governments, International Organizations, and the Private Sector

Billingslea emphasized the importance of collaboration between governments, international organizations, and the private sector in preventing terrorism financing. “We must work closely with the private sector to share information and best practices,” he said.

Technical Assistance and Training Provided by FATF

The FATF has already begun working with Wallis and Futuna to address these issues. The organization has provided technical assistance and training to help the country improve its anti-money laundering and combating the financing of terrorism (AML/CFT) framework.

Conclusion

Preventing terrorism financing is a critical component of keeping the international community safe. Wallis and Futuna must do more to address this issue, and the FATF will continue to work closely with the country to ensure that it meets its obligations.