Terrorism causes real threat to the world, particularly in certain areas to many reasons related to that place. There are steps taken worldwide, by all countries and at the individual country level, to eradicate and combat terrorism.
One of the most effective and important initiative to face terrorism was taken by FATF, wherein they had issued certain recommendations for implementation towards terrorism financing. Such recommendations aim to face and combat terrorism through stopping all financial sources that feed terrorism.
The most important recommendation herein, ask all countries to take positive steps for ratification and implementation of UN instruments adopted to stop terrorism financing. The UN has always been very keen to ask members to stop solidly against terrorism and to have peace for all in our world. To achieve this recommendation, countries shall issue legislations criminalizing the financing of terrorism.
Such legislations shall include clear provisions and instructions for freezing and confiscating terrorist assets. This shall, include all assets belonging to terrorists and used in the terrorist’s acts. Also, the legislations, shall include provisions and procedures for reporting suspicious transactions related to terrorism. All entities and individuals are required to be very vigilant, alerted to take actions against terrorism to protect themselves and others, otherwise, all will be seriously affected and could lose their lives and the lives of their lovable. Any report to any suspicious act, could help in eradicating terrorism ghost.
The FATF recommendations towards stopping terrorism financing, call for the need for international co-operation. This is required, since terrorism is an international crime that could reach any place in the world. Clear positive acts by all and everyone is highly required, as all are concerned and could be affected.
In controlling terrorism financing, it would be better to think out of the box. As, almost most of terrorism financing is taking place through banks and financial institutions and due to restrictive measures adopted in such institutions, there is need to regulate alternative remittance mechanism. This could include, what is known as “Huwala” wherein certain individuals opt to send money though hand delivery. This could be a good alternative for financing terrorism. Countries are required to issue regulations to regulate “Huwala” and other similar alternative remittance methods. Above are, among others, recommendations to control money needed for terrorism. Vigilance and adoption by all is a must.