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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

Jeffrey Simser
Journal of Money Laundering Control , Volume 14 (4): 12 – Oct 11, 2011
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References (9)

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 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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