FATF expressed deep concern regarding the Jammu and Kashmir attack, noting that the incident could not have taken place without financial resources and the mechanisms to transfer funds among terrorist supporters.
The organization reiterated its commitment to assist over 200 jurisdictions in strengthening measures against terror financing. “As terrorism continues to pose a threat to societies and citizens globally, the FATF supports more than 200 jurisdictions within its Global Network to develop and enhance their counter-financing of terrorism (CFT) measures, leveraging financial intelligence strategically,” the statement read.
FATF also pointed out existing gaps that must be addressed to combat terrorist funding and has created guidance concerning risks associated with terrorist financing.
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Furthermore, it announced plans to release a comprehensive analysis of terror financing cases from its global network of over 200 jurisdictions. “The FATF has dedicated the last decade to helping countries stay ahead of the risks of terrorist financing—such as those linked to the misuse of social media, crowdfunding, and virtual assets,” the statement continued.
“To enhance this understanding, the FATF will soon unveil a detailed analysis of terrorist financing, compiling cases reported by our Global Network,” it added.
FATF President Elisa de Anda Madrazo emphasized the organization’s position on terror funding and urged for a synchronized global response to tackle terrorism financing.
“No single organization, authority, or nation can tackle this issue in isolation. We must unite against the threat of global terrorism. Terrorists only need to succeed once to fulfill their aims, whereas we must succeed every time to thwart them,” Madrazo stated.
The statement was unanimously adopted by the member countries.
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