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    Financial Action Task Force to Adopt New Strategy to Disrupt Daesh Funding

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    The Paris-based Financial Action Task Force (FATF) will adopt a new strategy to bolster efforts to combat the financing of terrorism and to disrupt the monetary flows to Daesh, the organization's president told Sputnik.

    LONDON (Sputnik), Svetlana Alexandrova – FATF is an international body that sets the standards for and promotes the effective implementation of measures to combat money laundering and terrorist financing.

    "FATF plenary and working group meeting that is going to take place in France in February will focus on a new strategy to defeat ISIL [IS], their affiliates and other terrorist groups through preventing and disrupting financial flows and strengthening the existing strategy," Je-Yoom Shin said on the sidelines of the Countering Terrorist Financing Conference in London.

    The strategy due to be adopted at the February 14-19 meeting will "become a blueprint for countries to do actions for the next four-five years," he noted.

    A new report on the funding mechanisms of IS, outlawed in many countries including Russia, is expected to be published in the first half of 2016, Je-Yoom added.

    "The report will renew current knowledge on the financing the ISIL and develop [an] up-to-date strategy to tackle small monetary transfers for small terrorist cells," he outlined. 

    The president of the Financial Action Task Force watchdog also expressed concern over the lack of measures undertaken by Tehran to counter the funding of terrorism:

    "Iran still has deep deficiencies in anti-money laundering and countering the financing of terrorism measures. It does not have any legal system for anti-money laundering… There were no improvements and there are no actions taken by Iran to change this situation. The FATF remains exceptionally concerned about Iran’s failure to address the risk of terrorist financing."

    On December 17, 2015, the FATF president addressed the UN Security Council meeting of financial ministers to highlight the urgent need for them to partner with the United Nations and for countries globally to take effective measures to cut off terrorist funding.

    The views and opinions expressed in the article do not necessarily reflect those of Sputnik.

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    terrorist, funding, money, Daesh, Financial Action Task Force (FATF)
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