Purpose – The purpose of this paper is to explore countering the financing of terrorism and its impact on financial institutions. Design/methodology/approach – Actual examples of terrorist financing are considered, as well as the international and Canadian framework for financial institutions. Findings – The system for countering the financing of terrorism can be improved to lower costs and risks to financial institutions and to enhance actionable intelligence. A balance must be sought between the objective, actionable intelligence and the mechanism used to advance that objective. Research limitations/implications – There is limited research on terrorism financing and little statistical data. Practical implications – Some simple and modest reforms to the framework are suggested; policy makers need to consider their goals and revaluate the existing framework. Originality/value – There is little writing in this area. This paper would be of interest to financial institutions, regulators, law enforcement and the intelligence community.
Journal of Money Laundering Control – Emerald Publishing
Published: Oct 11, 2011
Keywords: Financial institutions; Terrorism; Money laundering; Anti‐money laundering; Terrorist financing; Countering financing of terrorism; Asset forfeiture; Financial intelligence units
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