Terrorism and Money Laundering and Arms and Drug Trafficking

Cooperation in the international, regional, and bilateral level should be reinforced in for identification, prevention, and destruction of the financial sources and activities of organized groups, commerce of narcotics, smuggling of explosives, and illegal weapons. This can be done by countries through establishment of frameworks which allow for exchange of information in the three levels mentioned above. 2. Countries should be encouraged to adopt and put into implementation the present international standards in combating money laundering and funding for terrorism.

These include the cooperation of IMF and WorldBank and countries in convening for the development of standards. 3. The activities of non-profit organizations should be monitored by the UN, together with the Financial Action Task Force (FATF) and FATF style regional bodies (FSRBs), in terms of their activities related to the charitable and humanitarian pursuits to assure that these are not being used for illegal purposes. 4.

Cooperation should be established among relevant law enforcement agencies that have Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) responsibilities especially within the bilateral, regional, and international level. 5. Free flow of expertise and experiences which would contribute to an effective response to the problems should be enhanced through an increase in the national, bilateral, and regional cooperation. 6.

Legal statutes should also be enhanced, together with the capabilities of the law enforcement agencies, in order to properly address problems of smuggling of explosives and drugs and money laundering. 7. Communication in the international level should be enhances such that the compliance of every country towards preventing terrorist groups’ access to their assets. Cooperation from the countries could be solicited in order to gain information regarding the financial connections of the terrorist groups and their activities.

8. Respective entities in different nations should be organized in order to ensure that there is an organization that manages the assets recovered and seized from the terrorist groups. This organization would also be the one responsible in redirecting the funds towards fighting terrorism and related crimes and as a source of compensation for the victims of terrorism. 9.

Countries should also have efforts towards identifying the individuals and groups who are suspected of engaging in funding the terrorists and share this information to agencies that they should be cooperating with regarding the concern. 10. Countries should conduct a feasibility study on implementing a strategy where financial institutions could detect and identify fraudulent transactions that could signal engagement in money laundering or terrorism financing.