Counter-terrorist Financing

Abstract: Anti-Money Laundering and Countering the Financing of Terrorism

In Untangling a Marriage of Convenience: Anti-Money Laundering and Countering the Financing of Terrorism, authors Tracey Durner and Danielle Cotter argue that, although anti-money laundering (AML) and countering the financing of terrorism (CFT) efforts have much in common, this melding places “undue burden on the private sector to understand the intent of criminals behind the actual transactions.” Some even contend that “misguided” CFT policies are leading to ineffective, and perhaps

Treasury Updates National Terrorist Financing Risk Assessment, Finding Measures to Protect Charities Largely Effective

The Department of Treasury published an update to its 2015 National Terrorist Financing Risk Assessment (NTFRA) on Dec. 20, 2018 as part of a new National Strategy for Combating Terrorist and Other Illicit Financing, which also covers money laundering and nuclear proliferation.  The NTRFA cited the top threats as ISIS, Hizbollah, Al Qaeda and al-Shabaab and banks and money services businesses as the most vulnerable to abuse. Cash transactions were cited as an increasing threat. The

2019-06-20T09:00:18-04:00January 8th, 2019|Counter-terrorist Financing, News|

UNOSC Issues Terror Financing Risk Assessment Guidance

A guidance manual issued by the United Nations Office on Drugs and Crime in June 2018 provides a methodology for member states conducting terrorist financing risk assessments. The document, Guidance manual for Member States on terrorist financing risk assessments, notes that terrorist financing needs to be countered in an efficient manner, emphasizing the importance of coordination and cooperation among financial intelligence units, law enforcement entities and intelligence services. "Terrorists

C&SN Submits Comments to U.S. Treasury on Update to National Terrorist Financing Risk Assessment

On June 11, 2018 the Charity & Security Network sent comments to the U.S. Department of Treasuryt regarding its pending update to the 2015 National Terrorist Financing Risk Assessment. Thie comments, which reflect input and insights from C&SN members, also request a meeting to follow up on the April 12 discussion Treasury hosted on this topic. Overall, the comments point out that net risk of terrorist financing abuse of legitimate NPOs is low, due to the combination of government

2019-07-22T10:28:11-04:00June 11th, 2018|Counter-terrorist Financing, News, US Treasury|

ODI Report: Impact of Derisking on Humanitarian Response in Yemen

As bank "derisking" persists, areas of dire humanitarian need around the globe are hardest hit. In the case of Yemen, individuals, nonprofit organizations (NPOs) and businesses alike have been adversely affected by this global trend. A new study from the Humanitarian Policy Group at the Overseas Development Institute (ODI), Counterterrorism, de-risking and the humanitarian response in Yemen: a call for action, examines the impact of derisking on humanitarian organizations

2019-06-20T09:12:16-04:00February 13th, 2018|Abstracts, Counter-terrorist Financing, Financial Access|

Senate Hearing Hits on Derisking, Risk-Based Approach

In a January 9 Senate Banking committee hearing, both legislators and witnesses touched on the importance of a risk-based approach (RBA) in the federal anti-money laundering and counter-terrorist financing regime. While the hearing, Combating Money Laundering and Other Forms of Illicit Finance: Opportunities to Reform and Strengthen BSA Enforcement, mostly focused on information sharing and beneficial ownership, there was much discussion of getting regulators to support the RBA, particularly

2019-06-20T09:13:39-04:00January 11th, 2018|Counter-terrorist Financing, News|

Report Examines FATF Recommendations as Vehicle for Closing Civil Society Space in Nigeria

Prior to its revision in 2016, the Financial Action Task Force's Recommendation 8 referred to nonprofit organizations as "particularly vulnerable" to terrorist abuse. As a result, many countries implemented laws and policies designed to curb this perceived risk. As a result, NPOs have faced increased scrutiny and legal constraints, shrinking the space for charitable work. A report from Spaces for Change in Nigeria, Closing Spaces for Civil Society and

Report: Impact of Banking Restrictions on UK NGOs

Like their American counterparts, British NGOs working in or near areas where non-state armed groups are active increasingly face restrictions on their access to the financial system, according to a 2017 report from Chatham House, Humanitarian Action and Non-state Armed Groups: The Impact of Banking Restrictions on UK NGOs. This may include delayed transfers, the freezing of funds, and closure of bank accounts. The report, like many before it, tie

Controversial “Operation Choke Point” Program Has Ended

In an August 16, 2017 letter to Congress, the U.S. Department of Justice (DOJ) announced that its controversial program dubbed "Operation Choke Point" has officially ended. In the letter, DOJ also repudiated the program, which it described as a "misguided initiative." Significantly, the letter states that DOJ "will not discourage the provision of financial services to lawful industries." Operation Choke Point was established during the Obama administration to "choke"

2019-06-20T09:16:43-04:00August 21st, 2017|Counter-terrorist Financing, Financial Access, News|

World Humanitarian Day 2017

August 19 is World Humanitarian Day, another reminder of the need to alleviate suffering. This year, more than ever, we look to four countries on the brink of famine - Nigeria, Somalia, Sudan and Yemen. Unfortunately, for a significant number of U.S. humanitarian aid and development organizations working abroad, the closure of their U.S. bank accounts and the inability to send wire transfers in a timely manner have a

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