Cash is Still by Far the Most Common Form of Payment for Terrorist Organizations

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Last Updated on October 31, 2022 by Bitfinsider

According to Svetlana Martynova, who is the Countering Financing of Terrorism Coordinator at the United Nations, terrorist groups who have been cut off from the “formal financial system” are gradually resorting to cryptocurrencies like bitcoin and ethereum to fund their criminal endeavors (UN).

These remarks were made by a UN official during a speech that was delivered at a “Special Meeting” that was held in New Delhi and Mumbai on October 28-29 and was organized by the UN’s Counter-Terrorism Committee (CTC). The meeting’s primary focus was on combating the use of “new and emerging technologies” for terrorist purposes.

Martynova stated that although cash and hawala, which is a historic technique of moving money in Arab countries and South Asia, have been the “predominant methods” of terror financing, there are other ways that terrorist organizations have been able to fund their operations. She stated that “We are aware that terrorists adapt to the changing situations around them, and as technologies improve, they adapt as well.”

In regard to the manner in which the United Nations intends to handle the matter on a global scale, Martynova stated that the primary challenge will be to get nation-states on board with its rules.

She stated that there are very clear worldwide norms thanks to the Financial Action Task Force (FATF) and the resolutions passed by the UN Security Council.

However, Martynova said that very few nations have begun the work on legislation, and even fewer nations are “effectively implementing that regulation” to discourage ill-intentioned behavior by non-state actors. Martynova’s comments were made in response to a question from the audience.

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