FATF stresses importance of measures to counter terrorist financing and help defeat ISIL

In an address at Special Session of the United Nations Security Council meeting of Finance Ministers the president of the FATF, Je-Yoon Shin, stressed the importance of urgent action to implement FATF’s measures to counter terrorist financing and help defeat ISIL.

Shin highlighted that terrorism needs money and since ISIL operates as a state and provides all the services a state is expected to provide, it needs more money than other terrorist groups. Therefore, he concluded, money is its biggest vulnerability.

He urged ever closer collaboration and sharing of information to help identify and share red flags, so that the private sector can detect and report suspicious activity, and asked for a strong mandate from the Security Council to carry out the work of the FATF

The full address is available here.

Lavanya Rathnam

Lavanya Rathnam is an experienced technology, finance, and compliance writer. She combines her keen understanding of regulatory frameworks and industry best practices with exemplary writing skills to communicate complex concepts of Governance, Risk, and Compliance (GRC) in clear and accessible language. Lavanya specializes in creating informative and engaging content that educates and empowers readers to make informed decisions. She also works with different companies in the Web 3.0, blockchain, fintech, and EV industries to assess their products’ compliance with evolving regulations and standards.

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