Crowdfunding: Fueling Terrorism or Empowering Social Causes?

TLDR:

This article discusses an upcoming webinar on crowdfunding for terrorism financing that will be hosted by the Financial Action Task Force (FATF). The webinar will focus on the methods used by terrorists to raise funds through crowdfunding and the challenges faced in identifying and preventing potential terrorist financing.

Key points:

• The webinar will discuss the findings of the 2023 FATF report on crowdfunding for terrorist financing, which highlights the four main ways in which terrorist groups exploit crowdfunding.
• The report also examines the challenges faced by investigative agencies and provides best practices and recommendations for countries to effectively combat terrorist financing in the crowdfunding sector.
• The webinar will feature a panel of public and private sector experts, including an investigative financial journalist, representatives from the United Nations Counter-Terrorism Committee Executive Directorate, GoFundMe, and the Department of Finance, Canada.

The FATF is a global organization that develops policies to combat money laundering and terrorism financing. They work with member countries and international organizations to implement measures and best practices to prevent illicit financial activities.

The webinar aims to provide insights and guidance on how to detect and prevent terrorism financing through crowdfunding. It is an important topic as online platforms have become popular fundraising tools for various purposes, including terrorist activities. By understanding the methods and challenges associated with crowdfunding for terrorism financing, countries and investigative agencies can develop effective countermeasures to disrupt the flow of funds to terrorist organizations.

The 2023 FATF report on crowdfunding for terrorist financing is a comprehensive analysis of how terrorists have exploited fundraising platforms and crowdfunding activities on social media to seek funding from a global audience. The report identifies good practices, risk indicators, and challenges in detecting potential attempts at terrorist financing through crowdfunding.

Overall, the webinar and the associated report highlight the importance of international cooperation and information sharing in combating terrorism financing. By staying aware of the evolving methods used by terrorist groups and implementing robust measures, countries can protect their financial systems and contribute to global security.