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To Stay Under French Radar, Terrorist Financiers Turn Towards ‘Online Money Pots’

By Gabriel Vedrenne

A growing percentage of the millions of euros in charitable contributions misdirected to terrorists and extremists in France each year is flowing through "online money pots," crowdfunding platforms that generally do not screen clients for due-diligence purposes, French officials said. To address the change, France's financial intelligence unit, Tracfin, recommended imposing anti-money laundering rules on money pots and other financial technology-centric firms, or fintechs, in an annual report Tuesday, and separately identified insurance firms as prone to criminal exploitation and overseas territories as a top AML supervisory priority for next year. Some nongovernmental organizations now aim to avoid publicly appearing...

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