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Counter-Terrorism Implementation Task Force

Working Group on Tackling Financing of Terrorism

Overview

Mandate:

United Nations Global Counter-Terrorism Strategy:

Section II, paragraph 10: “To encourage States to implement the comprehensive international standards embodied in the Forty Recommendations on Money-Laundering and Nine Special Recommendations on Terrorist Financing of the Financial Action Task Force, recognizing that States may require assistance in implementing them;”

Section III, paragraph 8: “To encourage the International Monetary Fund, the World Bank, the United Nations Office on Drugs and Crime and the International Criminal Police Organization to enhance cooperation with States to help them to comply fully with international norms and obligations to combat money-laundering and the financing of terrorism.”

Status:

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The Working Group examines the various components of action taken to counter the financing of terrorism and makes proposals aimed at increasing the effectiveness of the implementation of international standards, including the Financial Action Task Force (FATF) Special Recommendations.

In October 2009, the Working Group published a report containing 36 findings and 45 recommendations that are intended to help Member States increase the effectiveness of efforts to combat the financing of terrorism. Five areas were covered: (a) the criminalization of terrorist financing; (b) the enhancement of domestic and international cooperation; (c) value transfer systems; (d) non-profit organizations; and (e) the freezing of assets. The International Monetary Fund (IMF) has prepared an Action Plan containing proposals to implement the Report’s recommendations for consideration by the members of the Working Group. Most of the entities participating in the Working Group have already integrated elements of the recommendations into their own work programmes. The report is available in all six official UN languages.

From February 2007 to December 2008, the Working Group conducted a series of roundtable meetings with stakeholders (banking, regulatory, national security intelligence, financial intelligence, law enforcement, and criminal justice experts) from various regions. The meetings served as part of its stock-taking exercise on the implementation of international standards for combating the financing of terrorism. In 2008, the Working Group also completed a literature and statistical review relating to implementation of international standards by Member States.

The findings from the research and analysis as well as the roundtable discussions were compiled in a report which identifies methods of terrorist financing, measures taken to mitigate it, challenges to these measures, new approaches to the issue and forward-looking recommendations. Following a multi-disciplinary expert review of its findings and recommendations, the Working Group completed its Report in October 2009 in all six official UN languages. The Report contains 36 findings and 45 recommendations that are intended to help Member States increase the effectiveness of efforts to combat the financing of terrorism. Five areas were covered: (a) the criminalization of terrorist financing; (b) the enhancement of domestic and international cooperation; (c) value transfer systems; (d) non-profit organizations; and (e) the freezing of assets.

Based on the Report’s findings and recommendations, the International Monetary Fund (IMF) has prepared an Action Plan containing proposals for implementation of the recommendations for consideration by the members of the Working Group. Most of the entities participating in the Working Group have already integrated elements of the recommendations into their own work programmes. Going forward, the areas identified for collective action by the Working Group include issues of cash couriers; terrorist financing and non-profit organizations (NPOs); and the role of charitable organizations.

Documents:

Report of the Working Group

CTITF Entities: