GossipSloth

Terrorism Financing

1

Terrorism financing refers to activities that provides financing or financial support to individual terrorists or terrorist groups.

2

A government that maintains a list of terrorist organizations normally will also pass laws to prevent money laundering being used to finance those organizations.

Money laundering is the process of transforming the proceeds of crime and corruption into ostensibly legitimate assets.

3

Laws against money laundering and terror financing are used around the world.

4

In the United States, the Patriot Act was passed after the September 11 attacks, giving the government anti-money laundering powers to monitor financial institutions.

The United States of America, commonly referred to as the United States or America, is a federal republic composed of 50 states, a federal district, five major self-governing territories, and various possessions.

The September 11 attacks were a series of four coordinated terrorist attacks by the Islamic terrorist group al-Qaeda on the United States on the morning of Tuesday, September 11, 2001.

The PATRIOT Act is an Act of Congress that was signed into law by President George W. Bush on October 26, 2001.

5

The Patriot Act has generated a great deal of controversy in the United States since its enactment.

6

The United States has also collaborated with the United Nations and other countries to create the Terrorist Finance Tracking Program.

The Terrorist Finance Tracking Program is a United States government program to access financial transactions on the international SWIFT network that was revealed by The New York Times, The Wall Street Journal and The Los Angeles Times in June 2006.

7

Laws created attempted to thwart the financing of terrorism and money laundering.

Terrorism is, in its broadest sense, the use of intentionally indiscriminate violence as a means to create terror or fear, in order to achieve a political, religious, or ideological aim.

8

Initially the focus of CFT efforts was on non-profit organizations, unregistered money services businessess and the criminalisation of the act itself.

A money services business is a legal term used by financial regulators to describe businesses that transmit or convert money.

9

The Financial Action Task Force on Money Laundering made nine special recommendations for CFT.

The Financial Action Task Force, also known by its French name, Groupe d'action financière, is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.

10

These nine recommendations have become the global standard for CFT and their effectiveness is assessed almost always in conjunction with anti-money laundering.

11

The FATF Blacklist mechanism was used to coerce countries to bring about change.

The FATF blacklist was the common shorthand description for the Financial Action Task Force list of "Non-Cooperative Countries or Territories" issued since 2000, which it perceived to be non-cooperative in the global fight against money laundering and terrorist financing.

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