By PAUL O’DONOGHUE, Senior Correspondent
THE Financial Action Task Force (FATF) will soon publish an in-depth analysis of terrorist financing risks, drawing from experiences in approximately 200 jurisdictions.
FATF President Elisa de Anda Madrazo said the move was in response to the rising number of deaths from terrorism around the world. Just over 8,350 people were killed by terrorists in 2023, a 22% rise compared to the year before.
Speaking at a conference in Munich, de Anda said by “turning off the money tap” and combatting terrorist financing, countries can “cut off the blood supply of terrorism”.
“Terrorists need money – even small amounts – to prepare their attacks. And they do not announce their plans,” she said.
“The FATF is actively working to support countries to increase their investigative and prosecuting abilities, after identifying that less than a third of countries are investigating and prosecuting terror financing adequately.
She added: “To improve this picture, this year the FATF will be releasing a comprehensive analysis of terrorist financing, compiling cases provided by our global network of more than 200 jurisdictions.
“This will equip countries to better avert terrorist attacks, and ensure the safety of their people.”
PARIS OLYMPICS
The FATF president said that financial institutions such as banks must become a ‘first line of defense’ against terror plots. She pointed to the example of last year’s Paris Olympics, when three terror plots were dismantled after France’s Financial Intelligence Unit “shared information with domestic and international partners which helped identify suspects”.
“This case highlights the critical role of countering the financing of terrorism to global security,” she said.
“Jurisdictions also need to work hand in hand with the private sector and civil society, to ensure effectiveness of their counter-terrorist financing efforts.
“So it is crucial that countries develop frameworks that allow intelligence to be shared efficiently, and leverage technology to help them do so.”
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