Terrorism financing and the threat to financial institutions

Terrorism financing and the threat to financial institutions 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Money Laundering Control Emerald Publishing

Terrorism financing and the threat to financial institutions

Journal of Money Laundering Control, Volume 14 (4): 12 – Oct 11, 2011

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Publisher
Emerald Publishing
Copyright
Copyright © 2011 Emerald Group Publishing Limited. All rights reserved.
ISSN
1368-5201
DOI
10.1108/13685201111173811
Publisher site
See Article on Publisher Site

Abstract

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

Journal of Money Laundering ControlEmerald 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

References

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