From overlap to distinction: disentangling the concepts of terrorism financing and money laundering

Irish Scheel Honga, Constance Gikonyo and Evelyne Asaala

Journal of Money Laundering Control, 2024, vol. 28, issue 1, 171-183

Abstract: Purpose - This paper aims to address the existing gap in the anti-money laundering/counter-financing of terrorism (AML/CFT) regime and explore the possibility and effectiveness of disentangling the nexus between the two concepts. Design/methodology/approach - The approach undertaken is doctrinal legal research by employing rigorous analysis of the legal terms of terrorism financing and money laundering. Findings - Upon analysis, the study confirms that the two concepts are distinct; there is a slight overlap in the methods of acquisition of funds for both terrorists and money laundering; however, the purpose and intention of the two are totally separate and therefore creates a need for singular approach in tackling the two concepts. Enhanced collaboration between states and increased financial technologies will aid in better tackling of the two menaces. Research limitations/implications - The research is limited to a desk review approach. Practical implications - The study confirms the argument that the AML/CFT approach is ineffective in tackling money laundering and terrorism financing. Originality/value - This paper delves into a deeper analysis of money laundering and terrorism financing and provides a nuanced understanding of the differences between the two terms.

Keywords: Terrorism; Terrorism financing; Money laundering (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-06-2024-0102

DOI: 10.1108/JMLC-06-2024-0102

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