The Financial Action Task Force (FATF) published new guidance on how counterterrorist financing (CTF) strategies and policies can be best implemented. The main highlights from the guidance are as follows:

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• The guidance highlights the need for regular mechanisms to identify illicit funds, including when assessing non-profit organizations;

• The guidance provides key considerations when determining the relevant scope and governance of a terrorist financing risk assessment;

• The guidance provides practical examples to overcome information sharing challenges related to terrorism and its financing;

• The guidance provides examples of information sources when identifying terrorist financing threats and vulnerabilities;

• The guidance provides considerations for specific country contexts (e.g., financial and trade centres, lower capacity jurisdictions, jurisdictions bordering a conflict zone, etc.);

• The guidance lists relevant information sources when identifying cross-border terrorist financing risks;

• The guidance highlights good approaches for maintaining an up-to-date assessment of risk, and areas for further focus going forward.

 

The full report is available here.