FATF Issues New Report on Assessing Terrorism Financing Risks

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:

  • 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.

 

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