E-com, online payments abused for terror financing: FATF

The FATF in its update on TF risks also highlighted the methods used to raise, move, and manage funds and other assets for terrorist financing purposes and said online fund transfers using payment services platform offer less traceability and transparency compared to wire-transfer, making it harder to clearly identify initiators and recipients of transfers

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Global terror financing watchdog FATF Tuesday cited the February 2019 Pulwama terror attack, which killed 40 CRPF personnel, and the 2022 Gorakhnath Temple incident to say that e-commerce platforms and on-

line payment services are being misused for terror financing.

In its Comprehensive Update on Terrorist Financing Risks’, the FATF also flagged ‘state sponsorship of terrorism’ and said a variety of publicly available sources of information and delegations’ inputs to this report indicate that “certain terrorist organisations have been and continue to receive financial and other forms of support from several national governments”.