Islamic State's rise and ongoing crises in Syria and Iraq have increased the likelihood that terrorist groups will raise and move money through Southeast Asia and Australia, six nations said Wednesday. The conclusion comes as part of the region's first-ever multinational assessment of terrorist funding risks, an initiative announced last year and led since by the financial intelligence units of Australia and Indonesia in coordination with officials from Malaysia, Singapore, Thailand and the Philippines. The countries concluded in a 48-page report that the Middle Eastern conflict has energized unaffiliated extremist groups within their borders and raised the odds that Islamic...
In an ideal world for compliance officers, the finances of individuals plotting mass casualty attacks would exhibit enough anomalies to draw attention to their plans before they could carry them out, assuming such plans were made at all.
Among the many challenges of identifying terrorist funds is the fact that they can be hidden in plain sight, according to Colin P. Clarke, an associate political scientist at the RAND Corporation who studies the subject.
Banks will find it difficult to identify the proceeds of illicit crude oil sales linked to Islamic State, the blacklisted terrorist organization now controlling a handful of Iraqi and Syrian oil fields.