The Strategist

FATF urges all jurisdictions to implement standards to combat terrorist financing

10/30/2023 - 02:11

Attendees at the Financial Action Task Force (FATF) meeting talked about events in the Middle East and agreed that all countries must fully implement the organization's guidelines to combat terrorist financing.

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On their website, the organization states that these standards cover things like disseminating and analyzing data about networks that finance terrorism as well as employing financial sanctions and asset seizures to cut off terrorists' income streams and undermine the infrastructure these organizations require to carry out their destructive objectives.

This also entails adding recognized terrorists and terrorist organizations to a list of prohibited parties in compliance with pertinent decisions of the UN Security Council.

FATF plans to release a significant study on the use of crowdfunding to finance terrorism. Its goal is to make member countries' financing of terrorism illegal.