Security From Terrorism Financing: Models of Delivery Applied to Informal Value Transfer Systems

Cooper, Karen; Walker, Clive

doi:10.1093/bjc/azw057

Cited by 6 publications

(4 citation statements)

References 33 publications

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“…An MVTS is defined as "…a financial service that accepts cash, cheques, other monetary instruments or other stores of value in one location and pays a corresponding sum in cash or another form to a beneficiary in another location" (FATF, 2012). The suspicions with regard to MVTS, such as hawala, hundi, fei-chien, and the black market peso exchange (FATF, 2012), originated from the early 1990s, because of their vulnerability to money laundering, drug trafficking, and misuse by the migrant diaspora community (Cooper and Walker, 2016).…”

Section: Money or Value Transfer Systemsmentioning

confidence: 99%

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Financial exclusion as a consequence of counter-terrorism financing

Malakoutikhah

2020

JFC

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Purpose The purpose of this paper is to analyse the unintended consequences, financial exclusion, of counter-terrorism financing regulations in terms of their impact on financial inclusion and, consequently, the creation of an ineffective counter-terrorism financing framework. A further aim is to make recommendations to mitigate these unintended consequences. Design/methodology/approach This subject is examined by using the practices of a range of countries and organisations. The interdisciplinary approach of the paper is highlighted, which comprises criminal law, banking law, international law and human rights law. Findings Financial exclusion is a focal point that results in ineffective counter-terrorism measures which are caused mostly by the formal financial sector, in particular, the banking system. The financial exclusion also leads to counter-productive counter-terrorism financing through a low risk-appetite, de-risking, de-banking, financial exclusion and using unregulated or less-regulated and supervised financial systems. Originality/value No article comprehensively analyses financial exclusion as a consequence of counter-terrorism financing framework. The paper examines the process of counter-terrorism financing regulations, which leads to financial exclusion. In addition, the impact of financial exclusion on all relevant actors, such as individuals, correspondent banking relationships, money and value transfer services, charities and virtual currencies, is examined.

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Section: Money or Value Transfer Systemsmentioning

confidence: 99%

“…The suspicions with regard to MVTS, such as hawala, hundi, fei-chien and the black market peso exchange (FATF, 2012), originated from the early 1990s, because of their vulnerability to ML, drug trafficking and misuse by the migrant diaspora community (Cooper and Walker, 2016).…”

Section: Money or Value Transfer Systemsmentioning

confidence: 99%

Financial exclusion as a consequence of counter-terrorism financing

Malakoutikhah

2020

JFC

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“…Informal and illegal activities strive especially in certain niches, such as borderlands (Bennafla, 2014). Moreover, common systems of informal value transfer following Islamic traditions, such as hawala, based on the trust of a huge network of money brokers (known as hawaladars), originally meant for regions and populations without established formal banking structures, came under suspicion to finance terrorism (Cooper & Walker, 2016).…”

Section: Introductionmentioning

confidence: 99%

The Impact of Islamist Terrorism on Africa's Informal Economy: Kenya, Compared with Ghana and Senegal

Kohnert

2022

SSRN Journal

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“…One of the issues that drew the attention of crime scholars as well as the general public was an allegation that the Al-Qaeda terrorists' attacks were funded through unauthorised remittance networks, so-called hawala. Even after suspicions were laid to rest through the discovery of Al-Qaeda accounts with formal financial institutions that appeared to have funded the terrorist attacks (Van de Bunt, 2008), many law enforcement professionals and crime scholars continue to regard the connection between unauthorised remittance networks and transnational organised crime and terrorism as highly probable (Cooper & Walker, 2016;Levi, 2010;McCusker, 2005;United States General Accounting Office, 2003). Some scholars, on the other hand, focused on the contribution of unauthorised remittance networks to economic development in developing countries (El-Qorchi et al, 2003;Todoroki et al, 2014).…”

Section: Introductionmentioning

confidence: 99%

Mapping hawala risks around the world: the use of a composite indicator

Han

Leeuw²,

Nelen

2022

Global Crime

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Security From Terrorism Financing: Models of Delivery Applied to Informal Value Transfer Systems

Cited by 6 publications

References 33 publications

Financial exclusion as a consequence of counter-terrorism financing

Financial exclusion as a consequence of counter-terrorism financing

The Impact of Islamist Terrorism on Africa's Informal Economy: Kenya, Compared with Ghana and Senegal

Mapping hawala risks around the world: the use of a composite indicator

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