Financial Crime World

TERRORISM FINANCING: A CRIMINAL OFFENCE

Introduction

In a recent revelation, the Financial Intelligence Unit (FIU) has emphasized that any individual or organization involved in terrorism financing can face severe legal consequences.

Definition of Terrorism Financing

According to Section 68(1) of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act 2009 as amended, terrorism financing is defined as:

  • The act of providing or collecting funds or other property with the intention that they should be used in whole or in part to commit a terrorist act.
  • Acts intended to cause death or serious bodily injury to civilians, intimidate populations, or compel governments or international organizations to perform or refrain from performing certain acts.

Forms of Terrorism Financing

Terrorism financing can take many forms, including:

  • Providing funds to terrorists, terrorist organizations, or individuals who travel abroad for the purpose of perpetrating terrorist acts.
  • Contributing to the commission of terrorist acts by a group of persons acting with a common purpose.

Consequences of Terrorism Financing

Any individual or organization found guilty of terrorism financing can face severe penalties, including:

  • Imprisonment for up to 15 years and fines of up to GY$1.5 million in cases where death results from the act.
  • A fine of up to GY$500,000 together with imprisonment for at least 10 years in other cases.

Reporting Suspicious Activities

The FIU is urging citizens to report any suspicious financial transactions or activities that may be linked to terrorism financing. The unit has emphasized the importance of preventing the misuse of funds for terrorist purposes and supporting efforts to combat terrorism.

Public Awareness Campaigns

In related news, the FIU will be conducting a series of public awareness campaigns to educate citizens about the dangers of terrorism financing and the importance of reporting suspicious activities.

Stay Informed

Stay tuned for further updates on this developing story.