Wednesday, May 12, 2021
Home World Counter-Terrorism Financing Summit 2016 in Indonesia pledges to cut sources of Terror...

Counter-Terrorism Financing Summit 2016 in Indonesia pledges to cut sources of Terror Funding

73 Malaysian nationals have joined or attempted to join extremist groups in Syria and Iraq, and at least 19 have been killed

  • The Counter-Terrorism Financing (CTF) Summit was held from August 8- 11 August 2016
  • The summit was held in Bali, Indonesia and was co-hosted by Australia’s and Indonesia’s financial intelligence agency
  • Several countries have pledged to cooperate in strengthening intelligence efforts by cutting off funding sources of terrorists, even if they change their methods

Nusa Dua, Indonesia, August 14, 2016: The Counter-Terrorism Financing (CTF) Summit that was held from August 8 – 11 August 2016 brought together leaders and experts in counter-terrorism financing and financial intelligence from 26 nations to deliver the first Regional Risk Assessment on Terrorism Financing.

The summit was held in Bali, Indonesia and was co-hosted by AUSTRAC, Australia’s financial intelligence agency and its Indonesian counterpart financial intelligence unit Pusat Pelaporan Dan Analisis Transaksi Keuangan (PPATK). They co-led the research and development of the regional risk assessment, with contributions from the FIUs of Malaysia, the Philippines, Singapore and Thailand. With all the reports, they were successful in identifying and understanding the full extent of the threats posed by terrorism financing in the region of Southeast Asia and the Australian region.

With all the reports, they were successful in identifying and understanding the full extent of the threats posed by terrorism financing in the region of Southeast Asia and the Australian region. The four major financial risks to the region were identified as- self-funding from legitimate sources, at-risk non-profit organisations (NPO), fundraising through social media and crowdsourcing, and criminal activity. The risks were assessed in a 48-page document titled- the Terrorism Financing Regional Risk Assessment 2016 report that was published at the meeting.

Follow NewsGram on Twitter

When one path is disrupted, terrorists adapt and change their financing methods. Now, the use of stored value cards has increased. The cards can be loaded with cash or through any non-reportable electronic method and easily carried to another country. Cards can be reloaded remotely and anonymously by third parties, meaning that the face value of some cards can understate their value, said the Benar News report.

The report stated that Indonesia is at high-risk zone for each of the four sources. Malaysia for self-funding from legitimate sources and fundraising through social media; while Thailand is at high-risk for self-funding and also at-risk through non-profit organisations.

According to Benar News report, Indonesia faces a high threat of terrorism due to the involvement of Indonesians in the ongoing conflicts in Syria and Iraq, while the status of risk in Malaysia elevated because of threats posed by IS and foreign terrorists.

Follow NewsGram on Facebook

Bali summit agrees to stronger collaboration to combat terrorism financing Image Source: thejakartapost.com
Bali summit agrees to stronger collaboration to combat terrorism financing Image Source: thejakartapost.com

“Malaysia continues to be a transit country for recruits for terrorist groups active in other countries,” the report said. 73 Malaysian nationals have joined or attempted to join extremist groups in Syria and Iraq, and at least 19 have been killed, reported Benar News.

The primary method for a tactical, short-term purposes for small-scale attacks in Malaysia is self-funding. The report also stated that a terror group in Indonesia used legitimately sourced funds to finance military training.

Though Non-Profit Organizations (NPOs) in Thailand have diverted money to fund various groups in the country’s Deep South, the level of misuse of NPOs to fund terrorists is lower than expected across the region, stated the report.

Malaysia’s efforts to eradicate terror funding was praised. “in contrast to many regional countries, Malaysia has conducted a comprehensive risk assessment of the sector and has adopted target approaches to risk mitigation.”

Calling the online faction of terrorist funding largely opportunistic, the report states that terrorists are more likely to use it for communication to solicit and broadcast calls for funding rather than actually collecting funds through social media.

Criminal activities such as kidnapping for ransom, theft and robbery remain a key source for funding terrorist groups. The report stated, militants in Indonesia rely on the violent robbery to raise funds while in Thailand, they mainly depend on extortion to raise funds, though they also steal cars and smuggle oil to raise money.

Several countries have pledged to cooperate in strengthening intelligence efforts by cutting off funding sources of terrorists, even if they change their methods. They have outlined a roadmap to combat terrorism in the next Summit that is slated to be held in Malaysia, next year, in 2017.

– prepared by Ajay Krishna of NewsGram. Twitter: @ajkrish14

ALSO READ:

STAY CONNECTED

19,511FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

Swami Ghanananda: An Ethnic African Who Built Africa’s First Hindu Monastery

By- Khushi Bisht Hinduism, also known as Santana Dharma (Eternal Religion), is believed to be the world's oldest religion. After Islam and Christianity, it has...

Over 90% Of Indians Feel Included In Video Calls; Say It Improves Mental Health

Around 90 percent of respondents feel that video calls have helped them to combat feelings of loneliness amid the pandemic, a report said on...

The History Of Tattoos

BY- JAYA CHOUDHARY In 1991, two German hikers came across a man whose body had been preserved in a glacier for 5000 years. Otzi the...

How Does The Body React When You Are Diagnosed with Covid-19?

By Himani Rathore The recent coronavirus pandemic has taken a severe toll on the mental and physical health of individuals the world over. With its...

The Jobs Market Is Constantly Evolving – Are You Keeping Up?

By Melinda Smith Leech collectors, alchemists, ten-pin bowling pinsetters, toad doctors, clock keepers, street lantern lighters, and town criers. These are all professions that were...

‘Free Jabs, Rapid Testing Must To Fight Covid In Rural India’, Says Health Expert Poonam Muttreja

Free or subsidized testing, treatment, and vaccination along with the provision of uninterrupted essential health services are essential to fight Covid-19 in rural India,...

What You Need To Know Before You Start Gambling Online

By Rajesh Chakrabortty Online gambling has been on the rise lately, and rightfully so. People are seeking ways to make some more money, and online...

Online Education Platform By Professional Turns Boon For Students

Necessity is the mother of invention is the common saying, but for Satish, Sherry, Feroze, and Shyam, presently in Thrissur, Muscat, Boston, and New...

Recent Comments