The organisation reaffirmed the support to 200+ jurisdictions to strengthen the terror financing crackdown. “As terrorism continues to threaten societies and citizens around the world, the FATF supports over 200 jurisdictions within its Global Network to build and enhance their counter-financing of terrorism (CFT) measures including through the strategic use of financial intelligence,” a statement read.
FATF also stated that it has identified gaps that need to be addressed to combat terrorist funding, and has developed guidance on terrorist financing risk.Read more: FATF plenary set for June 12; India may push for Pakistan’s return to grey list
It further stated that it will release a global analysis of terror financing cases from its global network of 200+ jurisdictions. “The FATF has been working for 10 years to help countries stay ahead of terrorist financing risk – for example relating to abuse of social media, crowd funding, and virtual assets,” it said.
“To improve this picture, the FATF will soon release a comprehensive analysis of terrorist financing, compiling cases provided by our Global Network,” it added.
FATF President Elisa de Anda Madrazo reiterated the organisation’s stance on terror funding and called for a unified global response to counter terrorism financing.
“No single company, authority, or country can combat this challenge alone. We must be unified against the scourge of global terrorism. Because terrorists need to succeed only once to achieve their goal, while we have to succeed every time to prevent it,” Madrazo said.
The statement was passed by consensus by the member countries.
Read more: India to make strong case with FATF to put Pakistan back in grey list
