Terrorism financing and the threat to financial institutions

Jeffrey Simser

Journal of Money Laundering Control, 2011, vol. 14, issue 4, 334-345

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.

Keywords: Financial institutions; Terrorism; Money laundering; Anti‐money laundering; Terrorist financing; Countering financing of terrorism; Asset forfeiture; Financial intelligence units (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:13685201111173811

DOI: 10.1108/13685201111173811

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