Money Laundering & Terrorist Financing Trends Infographic

An attempt has been made to present, without plagiarism, the economic base of terrorist organizations and the extent of their activities. In modern times, these organizations are using cryptocurrencies to finance their activities, which coincides with their traditional methods. The anonymity of cryptocurrency attracts these organizations, but it still has quantitative uses. To find out more in this direction, we study their internal features and the transmission systems of international organizations. Crypto is linked with illegal activities but investors still see crypto as an investing opportunity. Start investing but first click https://immediate-access.org/ and get on the road of investment education.

IMF is Concerned about Terrorism Financing and Money Laundering

The effects of IMF money laundering, terrorism financing, proliferation financing, and crimes that damage the financial system and the economy are all discussed in the information. These crimes can affect the stability of countries resulting in the weakening of law, governance, regulatory effectiveness, foreign investment, and international capital flows. When they cross borders, money laundering and terrorism financing activities can be risky and have adverse effects on the entire world.

Countries with weak controls can be attracted to money laundering and terrorist financing, as they seek to hide their illegal activities and take advantage of the complexity of the worldwide financial system and the cross-border situation between the laws of different countries.

Evidence That Terrorist Groups Use Cryptocurrencies

Cryptocurrencies are used by terrorist organizations to trade drugs and other products. Dark websites like ‘Fund the Islamic Struggle Without a Trace’ use Bitcoin transfers from jihadists. In a book titled “Bitcoin Wa Sadaqat Al Jihad,” some extremists explain how to send lucrative bitcoins from North America and Western Europe to terrorists. Bitcoin has also been used in terrorist attacks, such as the 2016 attacks in Jakarta. Islamic law also allows the use of Bitcoin to finance terrorists. For all these reasons, cryptocurrencies are being used in terrorist organizations and financing.

IMF to Combat Terror Financing and Money Laundering

The breadth of work done by the IMF in various fields shows without plagiarism that this organization has experienced for decades. The organization is instrumental in shaping policies on anti-money laundering (AML) to combat terrorist financing (CFT) and anti-proliferation financing internationally and within the national frameworks of member states.

Following the September 11, 2001 terrorist attacks, the IMF increased its AML efforts in 2000 and extended them to CFTs. AML/CFT evaluation and capacity building were acknowledged by the IMF Executive Board as a regular part of its activities in 2004. The IMF Executive Board examined the IMF’s AML/CFT strategy in 2018 as part of its policy five-year review cycle and gave recommendations for further action. In addition to AML/CFT, the IMF also analyzes the impact of withdrawal through other actions, such as FinTech (financial technology), Islamic finance, the cost of corruption, and banking-related issues related to financial integrity.

Evaluation of Crypto Abilities in Terrorist Financing

A type of convertible digital currency, cryptocurrency is protected through encryption, decentralization, and mathematics. It integrates cryptographic principles to create a safe information economy. Bitcoin, an early example of cryptocurrency, exemplifies this. Terrorist organizations use crypto to trade in drugs and other goods. Although it has not been widely used in financing so far, it puts pressure on counter-terrorist financing. We attempt to provide a context against terrorist financing by conducting an internal authoritative review of the future growth potential of cryptocurrencies in this context, as well as analyzing the growth mode and aspects of judicial supervision.

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