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2mo ago

FATF Flags Digital Commerce Abuse in Terror Financing, Calls for Tighter Oversight

The report warns that opaque digital commerce channels have become enablers of terror financing requiring urgent policy reforms.

A flag with the logo of the Financial Action Task Force, FATF, waves in the wind next to the German national falg during a meeting of the task force at the Congress Center in Berlin, Germany.
Pulwama Blast
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Overview

  • The July 8 update details how terrorists procured aluminium powder via Amazon for the 2019 Pulwama attack, illustrating e-commerce risks.
  • Investigators uncovered use of PayPal transfers concealed by VPNs in the 2022 Gorakhnath Temple case to route Rs 669,841 to ISIL operatives.
  • FATF highlights trade-based money laundering on online marketplaces as a method for disguising value transfers within terror networks.
  • The report confirms ongoing state sponsorship threats, citing evidence that several governments provide financial, logistical or training support to extremist groups.
  • It urges member jurisdictions to enhance oversight of e-commerce platforms, fintech payment services and VPN usage to counter emerging terror finance methods.