Abhinav Sharma, CAMS, CAMI’s Post

♠ 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝗧𝗲𝗿𝗿𝗼𝗿𝗶𝘀𝘁 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴(𝗧𝗙), 𝗧𝗵𝗲 𝗦𝘁𝗲𝗽𝘀 𝗮𝗻𝗱 𝗛𝗼𝘄 𝘁𝗼 𝗖𝗼𝗺𝗯𝗮𝘁 𝗶𝘁 ♠ 𝗧𝗲𝗿𝗿𝗼𝗿𝗶𝘀𝘁 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗻𝗴 💰 ☠ involves the collection or provision of funds with the intention that they may be used to support terrorist acts or organizations some of the well known groups are Al-shabab, Boko Haram, JNIM e.t.c. In-order to efficiently combat TF, it's vital to understand its dynamics. The process of TF can be summarized in 3️⃣ steps: 𝟭. 𝗥𝗮𝗶𝘀𝗶𝗻𝗴 𝗳𝘂𝗻𝗱𝘀 𝟮. 𝗠𝗼𝘃𝗶𝗻𝗴 𝗳𝘂𝗻𝗱𝘀 𝟯. 𝗨𝘀𝗶𝗻𝗴 𝗳𝘂𝗻𝗱𝘀 Terrorist groups need money to sustain themselves and carry out terrorist acts such as purchasing food, ammunition e.t.c ➡ Organized crime is notably their main source of funds, however funds can also come from legitimate sources. some examples of these organized crimes are: 𝗲𝘅𝘁𝗼𝗿𝘁𝗶𝗼𝗻, 𝗶𝗹𝗹𝗲𝗴𝗮𝗹 𝗺𝗶𝗻𝗶𝗻𝗴, 𝗵𝘂𝗺𝗮𝗻 𝘁𝗿𝗮𝗳𝗳𝗶𝗰𝗸𝗶𝗻𝗴, 𝘄𝗶𝗹𝗱𝗹𝗶𝗳𝗲 𝗰𝗿𝗶𝗺𝗲s. The Enhancing Africa's Response to Transnational Organized Crime(𝗘𝗡𝗔𝗖𝗧) organized crime index 📊 for Africa 🌍 offers insight into criminal markets, criminal factors and the state of resilience Africa. 𝗥𝗲𝗽𝗼𝗿𝘁 - https://lnkd.in/dT8tDisD 𝗘𝗡𝗔𝗖𝗧 𝗶𝗻𝗱𝗲𝘅 𝘁𝗼𝗼𝗹 - https://lnkd.in/dvqiU2Pu Some of the ways corporates aid in countering of terrorist financing: -Implementing AML/CFT policies measures(conducting proper customer due diligence and ensuring records are well kept, screening, investing in technology, filing of quality STRs/SARs related to terrorist financing e.t.c) -Public, Private partnerships. the public and private sector should work hand in hand ensuring data and intelligence is shared in a timely manner. - Capacity building. #globalinitiative #finance #antimoneylaundering #terroristfinancing

🇰🇼New FATF Report on Kuwait’s Evaluation 8 October 2024, Paris – The new joint evaluation report by the Financial Action Task Force (FATF) and Middleeast and North Africa Financial Action Task Force (MENAFATF) on #Kuwait’s measures to combat #MoneyLaundering and #TerroristFinancing has been published. While Kuwait has an adequate legal and supervisory framework, the report highlights significant shortcomings in achieving effective outcomes, particularly in understanding, investigating, and prosecuting money laundering and terrorist financing cases. The report notes that Kuwait, despite being a high-income country with low levels of violent #crime, faces risks of money laundering linked to #fraud, #corruption, and crimes committed abroad, as well as terrorist financing risks from groups operating outside the country. Kuwaiti authorities are encouraged to enhance their understanding of these risks, especially in the #nonprofit sector and among #VirtualAssetServiceProviders. Additionally, the country needs to strengthen its legal framework for #TargetedFinancialSanctions against terrorist financing and the proliferation of weapons of mass destruction. #aml #compliance #dirtymoney #follothemoney

The amendments include the establishment of the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, to be formed by a Cabinet decision. #aml #compliance Quantum Auditing #dubai #bahrain

MENAFATF 2024: Iraq Shows Strong Commitment to Combating Financial Crime.  The Middle East and North Africa Financial Action Task Force (MENAFATF) recently approved their mutual assessment report on Iraq.  This report recognizes Iraq's significant progress in implementing international standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT). The MENAFATF report highlights: - Strong understanding: Iraqi authorities demonstrate a clear grasp of money laundering and terrorist financing risks. - Effective implementation: Iraq has established and enforces measures to combat these crimes, including: > International cooperation > Confiscation of criminal proceeds > Investigations and prosecutions A collective achievement: This positive outcome is a testament to the dedicated efforts of: - The Iraqi Prime Minister and President of the Judicial Council - The Anti-Money Laundering and Combating the Financing of Terrorism Council - The Anti-Money Laundering and Terrorist Financing Office - Judicial and government bodies - The Central Bank of Iraq Looking ahead: This is a significant step forward for Iraq's financial system. As a business consultant, I'm optimistic that this enhanced AML/CFT framework will foster trust and transparency for businesses operating in Iraq.   Kadhum Jabbar Business Consultant Masar Consulting Services www.KadhumJabbar.com #Kadhum_Jabbar #Consulting #MasarServ #Economy #Business #Iraq #MENAFATF #AML #CFT #FinancialCrime

🏖️ Sunny places for shady people aren't only for money laundering anymore... This is a really telling update on the ongoing case in 🇨🇾 involving a suspected financing cell for Hayat Tahrir al Sham sending €50K a week to HTS via hawala and cash couriers moving across the UN Buffer Zone dividing the north and south of the island. I've had bankers here shrug their shoulders at me when I've asked about terrorism financing risks, "it's small, undetectable amounts", "we're not at-risk of terrorism here" tends to be the reply. But this case aligns perfectly with the findings of my research on "crime-enabled terrorism financing" in Europe... the continent serves as an economic staging ground for violence committed elsewhere. According to this case, drug trafficking in 🇨🇾 is helping pay for ongoing conflict in Syria. A permissive European financial centre just 300km from Idlib? Who -wouldn't- set up shop here?! https://lnkd.in/eGgw5icw

We completely agree with Edo Bakker in his views at the WORLD COMPLIANCE ASSOCIATION today concerning terrorism financing and money laundering: there is a deep connection between both forms of crime and even sanctions compliance. It’s increasingly difficult to distinguish a terrorist association from an organized crime entity. We saw it already in the past in places like Colombia, where the same organization would be involved in both. Companies need to monitor with equal care the influx and outflux of funds. Current conflicts foster all these illicit activity and it gets trickier to assess who your investors are or whom, for instance, you believe you are providing humanitarian assistance to. #SedNoveConsulting #EthicsCompliance Mary Carmen Ordóñez López (LLM, MA, CIPP/E, CESCOM/IFCA)

The most important international organizations specialized in the field of compliance and reducing financial issues, money laundering and terrorist financing: 1- Bank for International Settlements – BIS ( Basel Committee ) Founded in 1930 headquartered in Switzerland, it is the body concerned with organizing the principles of compliance and establishing the rules and laws of banks. 2- International Organization of Securities Commissions - IOSCO Founded in 1983 headquartered in Spain, it is a global organization specialized in securities regulation. 3- Financial Action Task Force (FATF) Founded in 1989 headquartered in France to combat money laundering and terrorist financing 4-Transparency International (TI) Founded in 1993 headquartered in Germany , It aims to combat and expose corruption at the government level. It has an index to measure the level of corruption in countries. They gave a wonderful explanation about corruption, which is : (The abuse of power by those ‏Trusted with it to achieve personal gain) 5- Egmont Group of Financial Intelligence Units Founded in 1995 united body of 177 Financial Intelligence Units (FIUs): FIUs are uniquely positioned to support national and international efforts to counter-terrorist financing. FIUs are also trusted gateways for sharing financial information domestically and internationally per global anti-money laundering 6 -The Wolfsberg Group Founded in 2000 headquartered in Switzerland association of 12 global banks which aims to develop frameworks and guidance for the management of financial crime risks

Turkey's Removal from FATF Grey List: A Positive Step Turkey's removal from the Financial Action Task Force (FATF) Grey List during last month plenary meeting in Singapore is a welcome recognition of the significant progress made by the Turkish government and various economic sectors in strengthening their fight against money laundering and terrorist financing. This positive development is expected to boost Turkey's reputation internationally. Increased foreign investment is a potential consequence, solidifying Turkey's position as a key trading hub in the region. European and US institutions may also become more comfortable doing business with Turkish counterparts. The progress acknowledged by FATF involved addressing critical areas including: Bolstering resources and expertise for its Financial Intelligence Unit (FIU) for investigations and supervision. Enforcing stricter sanctions for Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) breaches. Improving the use of financial intelligence and data related to companies' beneficial ownership (UBO) identification. Furthermore, Turkey has taken steps to: Pursue more complex money laundering investigations. Prioritize terrorist financing cases and improve criminal asset recovery efforts. Implement a risk-based framework for oversight of the Non-Profit Organization (NPO) sector. While Turkey is no longer subject to FATF's increased monitoring, continued work is highly encouraged. The next Turkey FATF review and evaluation is programmed for the next couple of years. https://lnkd.in/ejScCmbM

The UAE has added 19 individuals and entities to its Local Terrorist List due to their affiliation with the Muslim Brotherhood, a designated terrorist organization. This decision, under Resolution No. (1) of 2025 issued by the UAE Cabinet, reflects the UAE's ongoing commitment to dismantling terrorism networks and preventing the financing of extremist activities both locally and globally. The inclusion of 11 individuals and 8 entities, spanning multiple countries, highlights the increasingly transnational nature of modern terrorism. The inclusion of individuals and organizations from diverse regions—spanning Sweden, the UK, Yemen, and beyond— The UAE’s move also raises a more fundamental question for global AML and compliance professionals: How can we improve the real-time monitoring of financial transactions to ensure compliance with AML/CFT laws of each jurisdiction. The transnational nature of terrorism financing demands that our compliance efforts go beyond national borders and regulatory silos. The list of individuals includes: 1. Yousuf Hassan Ahmed Al Mulla – Current nationality: Sweden, former nationality: Liberia. 2. Saeed Khadim Ahmed bin Touq Al Marri – Nationality: Türkiye / UAE. 3. Ibrahim Ahmed Ibrahim Ali Al Hammadi – Nationality: Sweden / UAE. 4. Ilham Abdullah Ahmed Al Hashimi – Nationality: UAE. 5. Jasem Rashid Khalfan Rashid Al Shamsi – Nationality: UAE. 6. Khaled Obaid Yousuf Buatabh Al Zaabi – Nationality: UAE. 7. Abdulrahman Hassan Munif Abdullah Hassan Al Jabri – Nationality: UAE. 8. Humaid Abdullah Abdulrahman Al Jarman Al Nuaimi – Nationality: UAE. 9. Abdulrahman Omar Salem Bajbair Al Hadrami – Nationality: Yemen. 10. Ali Hassan Ali Hussein Al Hammadi – Nationality: UAE. 11. Mohammed Ali Hassan Ali Al Hammadi – Nationality: UAE. The list of entities includes: 1. Cambridge Education and Training Center Ltd – Based in: United Kingdom. 2. IMA6INE Ltd – Based in: United Kingdom. 3. Wembley Tree Ltd – Based in: United Kingdom. 4. Waslaforall – Based in: United Kingdom. 5. Future Graduates Ltd – Based in: United Kingdom. 6. Yas for Investment and Real Estate – Based in: United Kingdom. 7. Holdco UK Properties Limited – Based in: United Kingdom. 8. Nafel Capital – Based in: United Kingdom. The challenge is clear: AML compliance isn’t just about adhering to regulations—it’s about actively preventing the flow of funds that fuel global terrorism. Share your thoughts #AML #Compliance #AMLWatcher #MoneyLaundering #Regulations #Sanctions

The Financial Action Task Force (FATF), on 19 September 2024, issued a stern warning to #India in the form of its Mutual Evaluation Report (#MER). The report, a result of the #FATF plenary session in #Singapore earlier this year, paints a concerning picture of India’s Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) frameworks. While India has made some progress in addressing these issues, FATF’s findings suggest that the country is still far from meeting international standards. The consequences of failing to reform could be severe, not only for India’s #economy but also for its reputation on the #global stage. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring