FATF: Action on Terrorism Finance ISIS, Al Qaeda and affiliated

ORANJESTAD - The Financial Action Task Force (FATF) is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.

In 2001, its mandate was expanded to include terrorism financing. The FATF issues recommendations to countries on how to prevent and identify dubious transactions in this context. Aruba has anchored these recommendations into their “Preventing and Combatting Money Laundering and Terrorism Financing Ordinance” (LWTF). Many entities in Aruba have an essential role in implementing this law, like the Financial Intelligence Unit Aruba (FIU Aruba, previously known as MOT) and the Central Bank of Aruba.

FATF recently published a statement to inform and warn countries that the threat of terrorism in the region is still grave. The FATF has been closely monitoring the recent terrorist attacks in Afghanistan and Iraq. Similar terrorist attacks also happened in Africa and the southern part of the Asian continent. EIIL (Daesh) and associates confirmed and claimed these terrorist attacks.

These attacks have cost the lives of multiple innocent people while injuring countless civilians.

Meanwhile, Al Qaeda and other terrorist groups continue to be a threat to stability, security, and world peace. Many measures were taken globally to prevent terrorist organizations from generating funds for the planning and execution of terrorist attacks. These organizations, however, can still receive funds from legal and illegal sources. Frequently, supervisory organizations and financial institutions that monitor the flow of money to these organizations discover new methods used to get funds. They manipulate civilians and corporations, abduct citizens and demand ransom, extort petroleum networks in eastern Syria, and possibly generate funds with human trafficking.

The risk for Aruba in this context is not categorized as high, but the FIU is sharing this information with the authorities of Aruba to create awareness among financial transaction entities and the entire community to always be on alert. The FIU has issued articles containing information on how some civilians have become scam victims.

There is still no evidence that these terrorist organizations use scams o generate funds from Aruba. However, we can not discard the possibility that radicals are using these methods to get small amounts of money each time.  The FIU advises the community to be on alert for unknown persons who use social media to request money by using fake stories and promises, which result in a scam. The chances of these scenarios being a scam are huge. Together we can prevent and fight against terrorist financing more effectively.

For more information on the declaration issued by the FATF, please visit FIU Aruba.

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