What is Terrorism Financing?
Terrorist financing involves the solicitation, collection or provision of funds with the intention that they may be used to support terrorist acts or organizations. Funds may stem from both legal and illicit sources. More precisely, according to the International Convention for the Suppression of the Financing of Terrorism, a person commits the crime of financing of terrorism "if that person by any means, directly or indirectly, unlawfully and willfully, provides or collects funds with the intention that they should be used or in the knowledge that they are to be used, in full or in part, in order to carry out" an offence within the scope of the Convention.
The primary goal of individuals or entities involved in the financing of terrorism is therefore not necessarily to conceal the sources of the money but to conceal both the financing and the nature of the financed activity.
What is Counter Terrorism Tinancing (CTF)?
The term “Counter Terrorism Tinancing” specifically refers to all policies and pieces of legislation that force financial institutions to proactively monitor their clients in order to prevent terrorism financing.
UN Global Counter-Terrorism Strategy as an example of CTF action:
The UN Global Counter-Terrorism Strategy (A/RES/60/288) is a unique global instrument to enhance national, regional and international efforts to counter terrorism. Through its adoption by consensus in 2006, all UN Member States agreed the first time to a common strategic and operational approach to fighting terrorism.
The strategy sends clear message that terrorism is unacceptable in all its forms and manifestations. It also resolves to take practical steps, individually and collectively, to prevent and combat terrorism. Those practical steps include a wide array of measures ranging from strengthening state capacity to counter terrorist threats to better coordinating UN System’s counter-terrorism activities.
The UN Global Counter-Terrorism Strategy in the form of a resolution and an annexed Plan of Action (A/RES/60/288) is composed of 4 pillars, namely:
- Addressing the conditions conducive to the spread of terrorism;
- Measures to prevent and combat terrorism;
- Measures to build states’ capacity to prevent and combat terrorism and to strengthen the role of the United Nations system in that regard;
- Measures to ensure respect for human rights for all and the rule of law as the fundamental basis for the fight against terrorism.
- What if my account is blocked?
- I need to verify my source of funds
- Why is my business information being requested again?
- Why is Revolut asking me to provide information about the nature of my business activity?
- Why is Revolut asking for an operating address, if I have provided a registered address?
- Why is Revolut asking me to provide information about my shareholders?