Terrorism financing is the offering of monetary support to terrorists. Terrorists require to have a source of money not only for weaponry purchase but also for travelling, training, accommodation, for their growth as an organization, and to help them come up with attack plans. Ample financial support to the terrorists is a major pillar to their survival (Price, 2013). The financial support keeps them strong and capable of conducting more attacks. Terrorist financing enables terrorists to sabotage governments and deprive the people off peace; all stakeholders should put in a lot of effort to curb and bring the financing to a halt, reducing the strength of terrorist groups.
Terrorist financing has led to terrorist attacks and threats to be more intense and frequent across the globe. Financially stable terrorist organizations such as the Al-Qaeda have evolved and turned their attacks to the extremes (FATF, N,d). They expand their terrorist activities across borders and can go until they have a section of a continent at their feet. Such terrorists have stable financial support that runs across borders which keeps them stronger and capable to inflict more harm on innocent people. Such terrorist organizations require a lot of effort from all stakeholders to ensure they do not cause more harm to the citizens. Some of the means that can be employed to curb terrorist financing are discussed below.
Terrorist financing can be curbed through identifying and laying down measures that only affect countries that have strategic deficiencies for strategic financing detection. Terrorist look for any possible method that can be used to ensure they get the finances required. They can attain the money through raining down on weaker countries. The financial supporters also look for countries where it is easier to evade the law and provide the financial support without facing consequences or detection. Large organizations that have such countries in their membership list should consider and help such countries limit the transfer of funds and assets to the terrorists (Price, 2013). It can reduce the amount of financial support terrorists receive.
Research on new methods of terrorist financing should be carried out. Some countries use methods of detection that are outdated. On the other hand, terrorist use constantly evolving methods to attain funds and assets. All stakeholders should have an understanding of the new methods in place. The research on the methods should be a continuous process since new methods are always being invented. The results of the researches should be shared with all involved stakeholders in the attempts to stop terrorist financing to ensure they all know what they are dealing with in the constantly evolving field.
Financial Action Task Force (FATF) looks into methods of controlling terrorist financing. It comes up with effective standards that help curb terrorist financing. FATF should ensure that all countries effectively and efficiently implement the set standards to ensure that all countries are involved in disrupting the activities (FATF, N.d). They should also educate all public and private sectors to ensure that maximum effectiveness is attained. The combat against terrorist activities should be a continuous activity since we are nowhere close to victory.
Behind the success of any project, it takes co-operation between different stakeholders. If we are the fight against terrorist financing will end in victory, it requires all stakeholders to work together. All stakeholders should actively take on their responsibilities to ensure that the best results are attained since any loophole can be utilized properly by terrorists and bring grave impact on different parts of the globe. Together, it is possible to end terrorist financing.
Financial Action Task Force Retrieved from https://www.fatf-gafi.org/publications/fatfgeneral/documents/terroristfinancing.html
Price, E. (2013). Literature on the Financing of Terrorism. Perspectives on Terrorism, 7(4), 112-130.