White paper - Thomson Reuters
Regulatory oversight is key to protecting the charitable sector and the financial institutions that deal with them from abuse by terrorist organizations. While compliance with anti-money laundering (AML) and countering the financing of terrorism (CFT) rules has increased globally, particularly by financial institutions wary of falling foul of regulators, the non-profit sector has been given less attention and compliance at the global level is weak.
Only now, over a decade after CTF and AML regimes were established, are the regulations being re-assessed and are non-profit organizations (NPOs) being brought into reviews of typologies. The sector is also under greater scrutiny due to a rise in terrorism in the Middle East, especially due to the conflict in Syria.
At such a juncture, lessons can be learned from more regulated jurisdictions, such as the UK, which have been struggling to get the balance right between over-regulating the NPO sector, addressing the risks, and ensuring that donations reach their intended target.
This paper also discusses ways to improve compliance and enforcement, such as implementing FATF’s risk-based approach that brings together NPOs, regulators and the financial sector at the local, regional and global level.
To read more, download the pdf here: http://accelus.thomsonreuters.com/sites/default/files/GRC01499.pdf
Charities
and Terrorism Financing Compliance – Approaches and Challenges in 2014 -
See more at:
http://accelus.thomsonreuters.com/whitepaper/charities-and-terrorism-financing-compliance-approaches-and-challenges-2014#sthash.nE0gL4J3.dpuf
Charities
and Terrorism Financing Compliance – Approaches and Challenges in 2014 -
See more at:
http://accelus.thomsonreuters.com/whitepaper/charities-and-terrorism-financing-compliance-approaches-and-challenges-2014#sthash.nE0gL4J3.dpuf
This
paper examines charities and Countering the Financing of Terrorism
(CFT) regimes, looking into the perceived threats of non-profit
organizations (NPOs) being used as front companies and conduits for
terrorist or threat financing. The paper provides a global overview of
regulations and enforcement related to NPOs and CFT, the current
challenges and the approaches being taken to reduce sectoral risk.
This
paper examines charities and Countering the Financing of Terrorism
(CFT) regimes, looking into the perceived threats of non-profit
organizations (NPOs) being used as front companies and conduits for
terrorist or threat financing. The paper provides a global overview of
regulations and enforcement related to NPOs and CFT, the current
challenges and the approaches being taken to reduce sectoral risk.
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