Terrorism poses real threat to the world, particularly in certain areas for many reasons related to that particular place. There are steps taken worldwide, by all countries jointly and at the individual country level, to eradicate and combat terrorism.
One of the most important initiative to face terrorism was taken by the Financial Action Task Force (on Money Laundering) (FATF), wherein they had issued certain recommendations for implementation towards terrorism financing. Such recommendations aim to face and combat terrorism through stopping all financial sources that feed terrorism.
The most important recommendation herein asks all countries to take positive steps for ratification and implementation of UN instruments adopted to stop terrorism financing. The UN has always been very keen to ask members to take firm stand against terrorism and to have peace for all in our world. To achieve this recommendation, countries shall issue legislation criminalising the financing of terrorism.
Such legislation shall include clear provisions and instructions for freezing and confiscating terrorists’ assets. This shall include all assets belonging to terrorists and used in terrorists acts. Also, the legislation shall include provisions and procedures for reporting suspicious transactions related to terrorism. All entities and individuals are required to be very vigilant, alerted to take actions against terrorism to protect themselves and others, otherwise, all will be seriously affected and there could be loss of lives and property. Any report to any suspicious act, could help in eradicating terrorism ghost.
The FATF recommendations towards stopping terrorism financing call for the need for international co-operation. This is required, due to the fact that terrorism is an international crime that could reach any place in the world. Clear positive acts by all and everyone is highly required, as all are concerned and could be affected.
In controlling terrorism financing, it would be better to think out of the box. As, almost most of terrorism financing is taking place through banks and financial institutions and due to restrictive measures adopted in such institutions, there is need to regulate alternative remittance mechanism. This could include, what is known as “Huwala” wherein certain individuals opt to send money though hand delivery. This could be a good alternative for financing terrorism. Countries are required to make laws to regulate “Huwala” and other similar alternative remittance methods.
Above are, among others, recommendations to control money needed for terrorism. Vigilance and adoption by all is a must.
The author is a legal consultant [email protected]