Financial Action Task Force Holds Plenary Meeting And Issues Report On Emerging Terrorist Financing Risks

On October 21, 2015, the Financial Action Task Force—an intergovernmental organization with the goal of developing polices to combat global money laundering—issued a report discussing emerging terrorist financing threats associated with foreign terrorist fighters, fundraising through social media, new payment products and services, and the exploitation of natural resources. On October 21 to 23, 2015, the FATF also held their first plenary meeting where they noted that terrorist financing is a top priority for the FATF. The report notes that though concerns regarding foreign terrorist fighters are not new issues, the recent conflict in Syria and Iraq has escalated their importance; they are now considered one of the key forms of material support for terrorist groups. The report describes foreign terrorist fighter funding needs, sources and methods used by foreign terrorist fighters and the challenges in combatting these threats. The report also highlights how new