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The most basic difference between terrorist financing and money laundering involves the origin of the funds. Terrorist financing uses funds for an illegal political purpose, but the money is not necessarily derived from illicit proceeds. On the other hand, money laundering always involves the proceeds of illegal activity. The purpose of laundering is to enable the money to be used legally.
intended use of money and source is the basic difference.
in money laundering source of funds is illegal,but use of money will be in legal issues most of the time.
in terrrorist financing clean money is being used to finance illegal and immoral objectives and activities.
MONEY LAUNDERING is the process of converting illegal fund to clean money for legitimate usage.
TERRORISM FINANCING is the process of funding clean or illegal money for the unlawful activity
Money Laundering is the process by which proceeds from a criminal activity are disguised to conceal their illicit origins whereas the financing of terrorism is the financial support, in any form, of terrorism or of those who encourage, plan, or engage in it.
Ø Money Laundering:
a) Source of Funds: Internally from within criminal organizations
b) Conduits: Favors formal financial system
c) Detection Focus: Suspicious transactions, such as deposits Uncharacteristic of customer’s wealth or the expected activity
d) Transaction Amounts: Large amounts often structured to avoid reporting requirements
e) Financial Activity: Complex web of transactions often involving shell or front companies, bearer shares, and offshore secrecy havens
f) Money Trail: Circular — money eventually ends up with person who generated it
Ø Terrorist Financing:
a) Source of Funds: 1-Internally from self-funding cells (increasingly centered on criminal activity)
2- Externally from benefactors and fundraisers
b) Conduits: Favors cash couriers or informal financial systems such as hawala and currency exchange firms
c) Detection Focus: Suspicious relationships, such as wire transfers between seemingly unrelated parties
d) Transaction Amounts: Small amounts usually below reporting thresholds
e) Financial Activity: No workable financial profile of operational terrorists exists, according to U.S.9/11 Commission
f) Money Trail: Linear — money generated is used to propagate terrorist group and activities
* Terrorism Finance can be raised either by legitimate (fund raising , business profit)or illegitimate (drug trade , fraud) sources.
* Money Laundering always involves illegally begotten money.
In money Laundering proceeds of Crime is Disguised through the fianacial system by placement, layering and intregation. in terrorist Financing both legal and illegal money can be used to finance terrorist activities. In terrorist financing money is not necessarily derived from criminal activity unlike money laundering.
Money laundering is the process of creating the appearance that large amounts of money obtained from serious crimes, such as drug trafficking or terrorist activity, originated from a legitimate source.
Terrorism financing refers to activities that provides financing or financial support to individual terrorists or terrorist groups. A government that maintains a list of terrorist organizations normally will also pass laws to prevent money laundering being used to finance those organizations.
The origination and source of funds used to deploy terrorist funding.
هل تحتاج لمساعدة في كتابة سيرة ذاتية تحتوي على الكلمات الدلالية التي يبحث عنها أصحاب العمل؟