WHAT IS MONEY LAUNDERING?
FINANCING OF TERRORISM! FIFTH ARTICLE IN THE “SERIES” !!!
FROM A
DIFFERENT POINT OF VIEW by Monte Friesner >
Financial Crime Consultant for WANTED SA >
Wednesday October 20, 2010 >
Financing of Terrorism >>
Terrorism activities are financed through legitimate and illegitimate means. The actual amounts needed to finance terrorism are relatively small, but finding the sources y that help and support terrorism can be more difficult than most people expect. The Government of Iran finances several Terrorist Groups that are involved in kidnappings, murder and mayhem in countries; such as, Lebanon, Syria, Iraq and in Afghanistan.
Terrorism is often financed through criminal activities at the small and large scales. America has led the war against terrorism, focusing on terrorism but excluding trans-national crime. As a result it is virtually impossible to detect many of the activities that result in the financing of terrorism.
The problem, however, is not exclusive to the United States. Bombings in Madrid were financed by criminal activities performed by Al Qaeda. This is an example of how the financing and executing of terrorism has become an international phenomenon.
Great steps have been taken in the past three years to improve financial controls and transparency. Despite these efforts, there are still many opportunities for terrorists to move assets internationally.
Everyone must play a role and participate in reporting to Law Enforcement any activities or suspicions of movement of money for criminal acts, especially Terrorism. Iran at present is extremely active in using Remittance Groups to disguise the movement of money for criminal acts.
The facts and opinions stated in this article are those of the author and not those of WANTED SA. WANTED SA does not warrant the accuracy of any facts and opinions stated in this article; does not endorse them, and accepts no responsibility for them.
