Terrorism financing is the provision of funds or providing financial support to individual terrorists or non-state actors.
Most countries have implemented measures to counter terrorism financing (CTF) often as part of their money laundering laws. Some countries and multinational organisations have created a list of organisations that they regard as terrorist organisations, though there is no consistency as to which organisations are designated as being terrorist by each country. The Financial Action Task Force on Money Laundering (FATF) has made recommendations to members relating to CTF. It has created a Blacklist and Greylist of countries that have not taken adequate CTF action. As of 24 October 2019, the FATF blacklist (Call for action nations) only listed two countries for terrorism financing: North Korea and Iran; while the FATF greylist (Other monitored jurisdictions) had 12 countries: Pakistan (see Pakistan and state-sponsored terrorism), Bahamas, Botswana, Cambodia, Ghana, Iceland, Mongolia, Panama, Syria, Trinidad and Tobago, Yemen, and Zimbabwe. In general, the supply of funds to designated terrorist organisations is outlawed, though the enforcement varies.
Initially the focus of CTF efforts was on non-profit organizations, unregistered money services businesses (MSBs) (including so called underground banking or ‘Hawalas’) and the criminalisation of the act itself.
The United States Patriot Act, passed after the September 11 attacks in 2001, gives the US government anti-money laundering powers to monitor financial institutions. The Patriot Act has generated a great deal of controversy in the United States since its enactment. The United States has also collaborated with the United Nations and other countries to create the Terrorist Finance Tracking Program.
Many initiatives have stemmed from the USA PATRIOT Act such as the Financial Crimes Enforcement Network, which focuses specifically on money laundering and financial crimes.
United Nations Security Council Resolution 1373 is a counter-terrorism measure intended to deny financing to terrorist organisations and individuals.
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Financial crime is crime committed against property, involving the unlawful conversion of the ownership of property (belonging to one person) to one's own personal use and benefit. Financial crimes may involve fraud (cheque fraud, credit card fraud, mortgage fraud, medical fraud, corporate fraud, securities fraud (including insider trading), bank fraud, insurance fraud, market manipulation, payment (point of sale) fraud, health care fraud); theft; scams or confidence tricks; tax evasion; bribery; sedition; embezzlement; identity theft; money laundering; and forgery and counterfeiting, including the production of counterfeit money and consumer goods.
The Financial Action Task Force (on Money Laundering) (FATF), also known by its French name, Groupe d'action financière (GAFI), is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering and to maintain certain interest. In 2001, its mandate was expanded to include terrorism financing. The objectives of FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
Bitcoin (abbreviation: BTC or XBT; sign: ₿) is a decentralized digital currency. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009, when its implementation was released as open-source software. The word "bitcoin" was defined in a white paper published on October 31, 2008.
Quite recently, distance-bounding protocols received a lot of attention as they offer a good solution to thwart relay attacks. Their security models at still unstable, especially when considering terrorist fraud. This considers the case where a malicious p ...
Distance-bounding is a practical solution to prevent relay attacks. Yet, security models are not well-established. We will briefly show recent techniques that expose serious distance-frauds, mafia-frauds, and/or terrorist-frauds on distance-bounding protoc ...
From contactless payments to remote car unlocking, many applications are vulnerable to relay attacks. Distance bounding protocols are the main practical countermeasure against these attacks. In this paper, we present a formal analysis of SKI, which recentl ...