Why is terrorism financed?

More commonly, terrorism financing raised in Australia can help sustain terrorist groups overseas and support foreign attacks and insurgencies. Cooperation with industry and international counterparts helps deepen Australia’s understanding of current and emerging illicit financial activities.

How are terrorists financed?

Terrorist groups need money to sustain themselves and to carry out terrorist acts. Terrorist financing encompasses the means and methods used by terrorist organizations to finance their activities. This money can come from legitimate sources, for example from profits from businesses and charitable organizations.

Where do terrorists get their funding?

Terrorists and terrorist organizations often use any resource of money they can have access to in order to fund themselves. This can range from the distribution of narcotics, black market oil, having businesses such as car dealerships, taxi companies, etc.

What is terrorism financing risk?

Terrorist financing involves the use of funds that may be licit or illicit in origin and using these funds to support terrorist activity. Though terrorist financing transactions are usually smaller in value than those associated with money laundering, terrorist financing can result in tragic losses of life.

Which countries are financing terrorism?

The Eurasian group on combating money laundering and financing of terrorism (EAG) is a FATF-style regional body which comprises 9 countries: Belarus, China, Kazakhstan, Kyrgyzstan, India, Russia, Tajikistan, Turkmenistan and Uzbekistan.

What are the three primary steps of terrorism financing?

The terrorism financing process typically involves three stages:

• raising funds (such as through donations, self-funding or criminal activity)
• transferring funds (to a terrorist network, organisation or cell)

Why is detecting terrorism financing difficult?

The financing of terrorism is often difficult to detect because it follows only few fixed patterns. Terrorists and terrorist financiers use several ways to disguise and conceal the source of their funding so that their financial activities can go undetected.

Who is EAG?

The Eurasian group on combating money laundering and financing of terrorism (EAG) is a FATF-style regional body which comprises 9 countries: Belarus, China, Kazakhstan, Kyrgyzstan, India, Russia, Tajikistan, Turkmenistan and Uzbekistan. EAG is an associate member of the FATF.

Who regulates money laundering?

The United States Department of the Treasury is fully dedicated to combating all aspects of money laundering at home and abroad, through the mission of the Office of Terrorism and Financial Intelligence (TFI).