MONEYVAL’s annual report: anti-terrorist financing measures not fully exploited yet


September 26 2016

Following the publication of the annual report by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL), its Chair, Daniel Thelesklaf, pointed out that identifying the financing of terrorism has not yet been fully exploited as a strategy in the overall fight against terrorism.

“We are struggling to find ways how to better combat terrorism. Money is needed to plan and perpetrate attacks. Detecting terrorist financing – even in small amounts – can help to detect terrorist cells, prevent terrorism and deter terrorists”, he said.

In the report, MONEYVAL concludes that states have consistently improved their technical compliance with the international standards to fight money laundering and terrorist financing, particularly with regard to preventive measures.  However, the report stresses that the effective application of these standards remains a serious challenge. It underlines two priorities: prosecutorial authorities should do more to achieve money laundering convictions, and there is a need for deterrent confiscation orders which take the profit out of crime.