The existing financial intelligence tools and their limitations in early detection of terrorist financing activities

Hussain Syed Gowhor

Journal of Money Laundering Control, 2021, vol. 25, issue 4, 843-863

Abstract: Purpose - This paper aims to inform the readers about the existing financial intelligence tools that are being used by financial intelligence units. It tries to demonstrate, with the help of a literature review, what the limitations of these tools are and how these limitations hinder the potential of the financial intelligence tools for early detection of terrorist financing activities. Design/methodology/approach - The literature review method was adopted to discuss the financial intelligence tools, their limitations and the implications of the limitations for early detection of terrorist financing activities. Findings - It was found that although the financial intelligence tools were introduced with a view to detect terrorist financing activities early, there are some inherent limitations of the tools relating to technical design features and operational procedures that hinder early detection of terrorist financing activities. Research limitations/implications - The existing financial intelligence tools need to be repaired by removing the inherent limitations of the tools. Practical implications - The financial intelligence units should take into cognizance the importance of early detection of terrorist financing activities for preventing terrorist attacks and need to redesign the existing tools in such a way that make these tools effective for early detection of terrorist financing activities. Social implications - Peace will be established in society by preventing terrorist attacks through early detection of terrorist financing activities. Originality/value - The originality of the paper lies in identifying the limitations of the existing financial intelligence tools for the early detection of terrorist financing activities.

Keywords: Limitations; Early detection; Financial intelligence tools; Terrorist financing activities (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-07-2021-0075

DOI: 10.1108/JMLC-07-2021-0075

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