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What do you do when you can’t tell who the bad guys are?

If you are FINMA, the Swiss regulator, you issue a statement like the following (courtesy of Google Translate):

In the context of the fight against terrorist organization “Islamic State” (IS) is called, the Financial Action Task Force FATF has given the existing sanctions regime of the UN and the new resolutions of the UN Security Council 2170 of 14 August 2014, with 2178 of 24 September 2014 working group to the sources of funding of IS to examine the financial flows and the use of funds at the international level.

The Resolution 2170 of the UN Security Council is concerned with the sources of funding of the IS, especially the sale of crude oil, kidnapping, trading in precious metals, drugs and weapons and other goods with organizations and individuals on sanctions lists. Resolution 2178 provides for, inter alia, before that the funding of so-called. “Foreign Terrorist Fighters” is to be punishable. This includes the preparatory acts to travel and related activities.

On 12 February 2015, the UN Security Council adopted Resolution 2199. The operative paragraph 23 of this resolution reads as follows:

“23. Urges Member States to take steps to Ensure That Financial Institutions within Their Territory prevent ISIL, ANF or other individuals, groups, undertakings or entities associated with Al-Qaida from accession the International Financial System;”

The FATF has published on 27 February 2015, the report on the financing of the activities of the terrorist group “Islamic State” on your site and issued a statement on this. The report shows how the IS generated to finance its activities and uses.

The report refers in particular to the use of “Electronic Funds Transfer” (EFTs), or electronic money transfers through bank channels and the use of other transaction channels in pursuit of monetary and value transfer via Money Value Transfer Systems (MVTS) to areas that geographically close are to the operating area of ​​the IS or in sanctions lists designated persons.

FINMA calls on all financial intermediaries, in particular banks and money transmitters to to take into account the above information in its transaction monitoring and invites the recognized self-regulatory organizations to inform all members that are active in the areas of money and asset transfer.

I'm sure this will coalesce into something more actionable over time, but the reaction to the situation is remarkable.


FINMA Notice


Categories: FINMA Notices Islamic State/ISIS/ISIL Terrorism


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