From overlap to distinction: disentangling the concepts of terrorism financing and money laundering
| Date | 12 November 2024 |
| Pages | 171-183 |
| DOI | https://doi.org/10.1108/JMLC-06-2024-0102 |
| Published date | 12 November 2024 |
| Author | Irish Scheel Honga,Constance Gikonyo,Evelyne Asaala |
From overlap to distinction:
disentangling the concepts of
terrorism financing and
money laundering
Irish Scheel Honga,Constance Gikonyo and Evelyne Asaala
School of Law, University of Nairobi, Nairobi, Kenya
Abstract
Purpose –This paper aims to address the existing gap in the anti-money laundering/counter-financing of
terrorism (AML/CFT)regime and explore the possibility and effectivenessof disentanglingthe nexus between
the two concepts.
Design/methodology/approach –The approach undertaken is doctrinal legal research by employing
rigorousanalysis of the legal terms of terrorism financing and money laundering.
Findings –Upon analysis,the study confirms that the two concepts aredistinct; there is a slight overlap in the
methods of acquisition of fundsfor both terrorists and money laundering; however, the purpose and intention
of the two are totally separate and therefore creates a need for singularapproach in tackling the two concepts.
Enhanced collaboration between statesand increased financial technologies will aid in better tackling of the
two menaces.
Research limitations/implications –The research is limitedto a desk review approach.
Practical implications –The study confirms the argument that the AML/CFTapproach is ineffective in
tackling moneylaundering and terrorism financing.
Originality/value –This paper delves into a deeper analysis of money laundering and terrorism financing
and providesa nuanced understanding of the differencesbetween the two terms.
Keywords Terrorism, Terrorismfinancing, Money laundering
Paper type Research paper
Introduction
Terrorism financing continues to be a menace within the criminal justice system (Watto,
2022) and has proven to be one of the greatest challenges to the global community of states
(Arenova and Nabieva, 2020). Money laundering also remains a plague to the desire to have
an international crime free society (Solaiman, 2018). The two offenses continue to be
obstacles to world peace and order over the past decades. The global community of states
developed the anti-money laundering/counter-financing of terrorism (AML/CFT) regime as
a strategy to combat terrorism financing and money laundering. However, the cases of
terrorism financing and money laundering are on the rise notwithstanding the initiatives in
place. This article therefore seeks to find outthe relationship or otherwise between terrorism
financing and money laundering to respond to the question on the challenges in fighting the
two menaces.
To achieve the objective of this study, section two lays out an overview of terrorism
financing and money laundering. Section three evaluates the similarities and intersections
which may be between terrorism financing and money laundering. It considers the methods
Journal of Money
Laundering
Control
171
Journalof Money Laundering
Control
Vol.28 No. 1, 2025
pp. 171-183
© Emerald Publishing Limited
1368-5201
DOI 10.1108/JMLC-06-2024-0102
The current issue and full text archive of this journal is available on Emerald Insight at:
https://www.emerald.com/insight/1368-5201.htm
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