Blacklists, Market Enforcement, and the Global Regime to Combat Terrorist Financing

Blacklists, Market Enforcement, and the Global Regime to Combat Terrorist Financing
Author: Julia Morse
Publisher:
Total Pages: 63
Release: 2019
Genre:
ISBN:

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This paper highlights how international organizations can use Global Performance Indicators (GPIs) to drive policy change through transnational market pressure. When international organizations are credible assessors of state policy, and when monitored countries compete for market resources, GPIs transmit information about country risk and stabilize market expectations. Under these conditions banks and investors may restrict access to capital in non-compliant states and incentivize increased compliance. I demonstrate this market-enforcement mechanism through an analysis of the Financial Action Task Force (FATF), an intergovernmental body that issues non-binding recommendations to combat money laundering and the financing of terrorism. The FATF's public listing of non-compliant jurisdictions has prompted international banks to move resources away from listed states and raised the costs of continued non-compliance, significantly increasing the number of states with laws criminalizing terrorist financing. This finding suggests a powerful pathway through which institutions influence domestic policy and highlights the power of GPIs in an age where information is a global currency.

Combating Money Laundering and the Financing of Terrorism

Combating Money Laundering and the Financing of Terrorism
Author:
Publisher: World Bank Publications
Total Pages: 663
Release: 2009
Genre: Business & Economics
ISBN: 0821375709

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Combating Money Laundering and the Financing of Terrorism: A Comprehensive Training Guide has been developed by the Financial Market Integrity Unit of the World Bank to support the World Bank's Capacity Enhancement Program on AML/CFT. The modules are comprised of the following eight Modules: Module 1 - Effects on Economic Development and International Standards Module 2 - Legal Requirements to meet International Standards Module 3a - Regulatory and Institutional Requirements Module 3b - Compliance Requirements for Financial Institutions Module 4 - Building an Effective Financial Intelligence Unit Module 5 - Domestic (inter-agency) and International Cooperation Module 6 - Combating the Financing of Terrorism Module 7 - Investigating Money Laundering and Terrorist Financing

Regulating and Combating Money Laundering and Terrorist Financing

Regulating and Combating Money Laundering and Terrorist Financing
Author: Nkechikwu Valerie Azinge-Egbiri
Publisher: Routledge
Total Pages: 159
Release: 2021-03-01
Genre: Business & Economics
ISBN: 1000351750

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This book analytically reviews the impact of the global anti-money laundering and counter-terrorist financing (AML/CFT) framework on the compliance trajectory of a number of jurisdictions to this framework. The work begins by examining the international financial sector reform and its evolution to inculcate the global framework for AML/CFT regulations. It challenges the resulting uniform AML/CFT due to its paradoxical impact on the compliance trajectory of African countries and emerging economies (ACs/EEs). This is done through an examination of the pre-conditions for effective regulation and compliance drivers for ACs/EEs that reveals the behavioural impact of the AML/CFT standards on the bloc of countries. Through the application of agency theory, it explores the relationship between ACs/EEs on the one hand and the international financial institutions that formulate, disseminate and facilitate compliance with the global framework for AML/CFT standards on the other. The remaining chapters review empirically the compliance pressures and resulting compliance trajectory of ACs/EEs with the AML/CFT standards. The final part of the book provides a detailed explanation of the compliance challenges of ACs/EEs and the legitimacy concerns that facilitate this. This book offers a new direction on the impact of global AML/CFT standards on ACs/EEs and contributes to the understanding of the conditions under which the global standards are likely to facilitate proactive compliance within these blocs of countries. As such it will be a valuable resource for academics, researchers and policy-makers working in this area.

France

France
Author: International Monetary Fund. Monetary and Capital Markets Department
Publisher: International Monetary Fund
Total Pages: 36
Release: 2019-10-29
Genre: Social Science
ISBN: 1513517821

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This technical note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime in France summarizes the findings of a targeted review of France’s AML/CFT framework with respect to measures to prevent and combat terrorist financing (TF), risk-based supervision of banks, real estate agents, company service providers and lawyers, measures to tackle cross-border crimes, and fintech. It provides a factual update on the key measures taken by the authorities since France’s previous assessment. Authorities are recommended to promote stronger AML/CFT controls by enhancing supervision of lawyers and the real estate sector and providing more guidance on cross-border money laundering threats. French banks are employing increasingly sophisticated tools, including machine learning, to carry out their due diligence obligations with respect to TF. More systematic guidance on TF-related indicators and timely feedback may help banks’ detection of potential of TF and to reduce risks of financial exclusion.

Targeting Terrorist Financing

Targeting Terrorist Financing
Author: Arabinda Acharya
Publisher: Routledge
Total Pages: 256
Release: 2009-09-11
Genre: History
ISBN: 1135256292

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This book examines the dynamics of terrorist financing, including a discussion about the importance of money from both the terrorist and the counter-terrorist perspective. Targeting Terrorist Financing argues that it is not the institutions that have failed the war on terrorist financing; rather it is the states that have failed the institutions. The measures contemplated by the world community to interdict terrorists and their financial infrastructures are sufficient to debilitate the terrorists both militarily and financially. However, what has been increasingly lacking is political will among the states, and this has overwhelmed the spirit of cooperation in this very critical front against terrorism. This volume assesses the need for international cooperation and the role of institutions and regimes in targeting terrorist financing. After the 9/11 attacks, there was an expression of global willingness to target terrorism generally, and terrorist financing in particular. The institutional mechanisms that grew out of this are explored in detail here, with a critical examination of the progress made by the international community. The impact of these measures is considered with respect to changes in the nature of the terrorist threat, money confiscated, adoption of international conventions, and global standards by states, and levels of compliance, among others. This book will be of great interest to students of terrorism, international organisations, international security, and IR in general. Arabinda Acharya is Research Fellow, Manager of Strategic Projects and Head of the Terrorist Financing Response Project at the International Centre for Political Violence and Terrorism Research in the S. Rajaratnam School of International Studies, Nanyang Technological University, Singapore.

Reference Guide to Anti-money Laundering and Combating the Financing of Terrorism

Reference Guide to Anti-money Laundering and Combating the Financing of Terrorism
Author: Paul Allan Schott
Publisher: World Bank Publications
Total Pages: 292
Release: 2006-01-01
Genre: Business & Economics
ISBN: 0821365142

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This second edition of the Reference Guide is a comprehensive source of practical information on how countries can fight money laundering and terrorist financing. Aimed at helping countries understand the new international standards, it discusses the problems caused by these crimes, the specific actions countries need to take to address them, and the role international organizations play in the process. The Reference Guide is a valuable tool for establishing effective regimes to successfully prevent, detect, and prosecute money laundering and terrorist financing.

Suppressing Terrorist Financing and Money Laundering

Suppressing Terrorist Financing and Money Laundering
Author: Jae-myong Koh
Publisher: Springer Science & Business Media
Total Pages: 255
Release: 2006-07-25
Genre: Law
ISBN: 3540325190

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The book analyses the development of international standards for countering terrorist financing from the perspective of international criminal law. It is likely to find its value for readers not only as a monograph on the financing of terrorism but also as a reference book on the operational and theoretical development of anti-money laundering strategy following 9/11. In particular, the works of main actors in this area such as the UN Security Council, Financial Action Task Force, IMF, World Bank, and APG are dealt with in depth.

Global Counter-Terrorist Financing and Soft Law

Global Counter-Terrorist Financing and Soft Law
Author: Doron Goldbarsht
Publisher: Edward Elgar Publishing
Total Pages: 206
Release: 2020-05-29
Genre: Political Science
ISBN: 1789909996

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This highly topical book is an original contribution to the current literature on counter-terrorist financing, compliance and soft law. Specifically, the book focuses on Financial Action Task Force recommendations and counter-terrorism financing legislation.

Making a Killing

Making a Killing
Author: Ian Michael Oxnevad
Publisher: McGill-Queen's Press - MQUP
Total Pages: 174
Release: 2021-10-15
Genre: Law
ISBN: 0228010020

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The international financial system is not only economic, but political. Making a Killing explores the often-overlooked world of terrorist financing and the involvement of the international banking system. In order to address the threat of terrorist organizations in a post-9/11 world – and how they are funded and financed in particular – the international community has constructed a vast architecture of counterterrorist finance laws, policies, and institutions. Connecting the fields of security studies, political economy, and finance, Ian Oxnevad argues that a bank’s institutional link to a state (as a state-owned bank or a bank with strong state connections) will protect it from any enforcement action for violations of anti-money laundering and counter-terrorism financing regulations. In the face of states blocking such enforcement actions, these regulations prove ineffective in preventing the financing of terrorism, as the state’s self-interest supersedes its interest in preventing terrorist financing. Making a Killing seeks to assess how effective new laws and regulations have been, as well as to identify best practices for future attempts to counter the financing of terrorism.

The Financial War on Terrorism

The Financial War on Terrorism
Author: Nicholas Ryder
Publisher: Routledge
Total Pages: 194
Release: 2015-06-05
Genre: Law
ISBN: 1134447043

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On September 11, 2001, 19 terrorists committed the largest and deadliest terrorist attack in the United States of America. The response from the inter-national community, and in particular the US, was swift. President George Bush declared what has commonly been referred to as either the ‘War on Terror’ or the ‘Global War on Terror’ on September 20, 2001. Four days later, he instigated the ‘Financial War on Terrorism’. This book defines and identifies the so-called ‘Financial War on Terrorism’. It provides a critical review of the impact of counter-terrorist financing strategies enacted by both individual jurisdictions and international organisations. Taking a comparative approach, the book highlights the levels of compliance in each selected jurisdiction and organisation with the requirements of the ‘Financial War on Terrorism’. The book analyses measures introduced by the United Nations, including the UN sanctions against terrorists and the operation of its anti-terrorist sanctions committees, and the Recommendations of the Financial Action Task Force. It also reviews the counter-terrorist financing measures of the European Union and the Council of Europe, paying particular attention to the Framework Decisions on Combating Terrorism, the Council Common Positions on Combating Terrorism and the EU Anti-Terrorism Sanctions Regime. The book goes on to review the measures put in place in the US following September 11, 2001. Offering a much-needed legal analysis of the measures enacted under the ‘Financial War on Terrorism’, this book is a valuable resource for those researching in law, terrorism studies, criminal justice, and finance.