Terrorist Financing
How preventive terrorism mechanisms are conceived in financial industries
In the past years we have witnessed an unprecedented increase in terrorist activities in Europe and outside. The cost of the attacks might not be high, but the maintenance of a terrorist organisation requires high flows of money. Cutting the finances of these organisations means to fight terrorism.
The European Union has taken measures against money laundering (hereafter "AML") and counter-terrorism financing by entering into force relevant legislation. In June 2018 the fifth AML Directive was published, amending the fourth AML Directive (2015). The EU regulation update gives a sense of the pressure of the European institutions to face the late cases of international money laundering schemes revealed to the public by the consortium of international journalists, but also the urgency to consider the technological evolution among financial services.
In 2018, the FATF adopted an amended counter-terrorist financing operational plan. The adoption of an updated policy underlines how terrorism evolves and how important it is for countries to ensure that the financial system is not used to fund terrorist activities.
Every business has to be in line with the requirements of the law regarding the financing of terrorism. In the EU, non-compliance has severe criminal sanctions, financial impact and substantial reputational damage for the business.
What is an embargo?As a result of globalization, businesses are more likely to face t...
Fighting against dumping and bribery is required for any company. Suspicions of corru...
Businesses and financial institutions continuously face risks and obligations, such a...
Insider dealing (the term "insider trading" is also frequently used) arises w...
What is FATCA?FATCA is the US Foreign Account Tax Compliance Act, enacted in 2010 to ...
Customer due diligence (CDD) is the process of verifying the identity of a customer o...
The financing of terrorism is defined as the distribution or collection of funds, in ...
Anti-money laundering (AML) is an important aspect of the financial industry because ...
What are the dangers of cryptocurrencies?Cryptocurrencies are virtual or digital curr...
What is MiFID II and MiFIR?The Directive 2014/65/EU (hereafter the "Directive"...
Financial markets have become increasingly global, giving rise to new trading platfor...
What is the Common Reporting Standard (CRS)?Following the 2010 US Foreign Account Tax...
Since 2007, the technological development and the growth of electronic and mobile pay...
Financial institutions must be able to identify and verify the identity of their cust...
Faced with the outbreak of highly targeted attacks, risk management and information s...
As part of their KYC procedure, financial firms submitted to AML regulation must list...
Fraud is a significant risk for businesses, with technological advancements leading t...
We'll present you the technology to stop money laundering and terrorist financing
Europol defines Financial Crime as "illegal acts committed by an individual or a group of individuals to obtain a financial or professional advant...
Return to financial crime
VAT Carousels - The look back in the transactions For several years there have been occasional stories of VAT carousels that are exposed after the facts and where banks then do a look back in the transactions on their systems to determine whether something could have be...
Read more Author What else ?