The role of financial intelligence in combating the financing of terrorism
| DOI | https://doi.org/10.1108/JMLC-09-2020-0102 |
| Published date | 18 November 2020 |
| Date | 18 November 2020 |
| Pages | 571-583 |
| Subject Matter | Accounting & finance,Financial risk/company failure,Financial compliance/regulation,Financial crime |
| Author | Seyfettin Unal,Mehmet Altun |
The role of financial intelligence
in combating the financing
of terrorism
Seyfettin Unal and Mehmet Altun
Department of Business Administration, Dumlupinar University, Kutahya, Turkey
Abstract
Purpose –This study aims to examine how important the countering terrorism financing is in the fight
againstterrorism and to what extent does financial intelligencecontribute into this field.
Design/methodology/approach –To this end, to collect data, semi-structured interview method was
conducted for 15 experts, including academicians, judges, security and intelligence officers who have
specialisedand been practising in the field of terrorism. Then,the data were analysed with the descriptiveand
systematicmethod.
Findings –The findings highlight that counteringterrorism financing is indispensable in the scope ofthe
combating terrorism;however, there are still much to be done in practiceto achieve more success in this field.
The results also suggest that the processrequires more flexible and proactive approach with the help of an
autonomous financial intelligence unitto be more efficient. Moreover, there must be better cooperation and
coordination at both national and international levels. Furthermore, training more professionals from
multidisciplinary backgroundsand raising awareness among the public and private sectors are found to be
other key factorsfor effective combating of the system.
Originality/value –The research has been conducted on participants who mostly have been in fight
against terrorism over 20years who are aware of the early methods, as well as the recent ones both in theory
and in practice.Their view is significant to understand the situation in combating financingof terrorism.
Keywords Terror, Financing of terrorism, Financial intelligence
Paper type Research paper
Introduction
Today, terrorism not only damages political situation, social life, economic and financial
stability of a specific jurisdiction but alsohas negative effects in its region and beyond. To
this end, combatingterrorism requires comprehensive measures internationally.
To track perpetrators of terrorism, tracking funds that associated to the terrorists and
their supporters is vital in the context and thus combating financing of terrorism has
become an indispensablepart of countering terrorism. As to the nature of any organisations,
terrorist organisations also need financial resources to reach its goals, as well as for their
survival and routine activities, so they endeavour to obtain and mobilise funds. In this
respect, chasing those funds,which are associated with terrorists and their activities,would
lead to figure out the organisational structure of the terrorist organisations and also to
eliminate or minimizethe threat of terror.
Countering terrorism goes backto many years ago; however, the fight against financing
of terrorism has gained global importancerecently, particularly after the 9/11 attacks. Until
today, the jurisdictionshave reviewed their national regulations and law enforcement,in one
hand, and they have beenparticipated in initiatives to develop internationalcooperation and
coordination, on the other.In line with these efforts, the Financial Action Task Force (FATF)
has been the most promising body, which is a part of the Organisation for Economic
Financing of
terrorism
571
Journalof Money Laundering
Control
Vol.24 No. 3, 2021
pp. 571-583
© Emerald Publishing Limited
1368-5201
DOI 10.1108/JMLC-09-2020-0102
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