A Regulatory Misfit? A Closer Look at the Counter Terrorist Financing Strategies in African States

Azinge, Valerie A Regulatory Misfit? A Closer Look at the Counter Terrorist Financing Strategies in African States. Journal of Banking Regulation . ISSN 1745-6452

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A Regulatory Misfit? A Closer Look at the Counter Terrorist Financing Strategies in African States

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Abstract

The occurrence of terror activities, advanced by global interconnectedness, triggered
international and national political responses to end the menace. Responses were predicate
on the assumption that the war on terror could be won by identifying and curtailing the
conduit of transfer of terror funding. Although regulatory focus was initially on terror
fundraising, there was the increasing realisation that the channels for transferring such funds
is a crucial intermediary step in orchestrating terror attacks. This was based on the
acknowledgement that the effectiveness of terror organisations is dependent on their ability
to move raised funds to their operational areas and tracking this process can disrupt the
operations of these groups. Hence, this occasioned heightened supervision of financial
institutions within African states and countries across the globe. The compulsion of African
states to comply with the global counter-terrorist financing (CFT) regime is predicated on the
perception that as the weakest link in the global finance chain, Africa is a fertile ground for
illicit transfers.

Keywords:Counter Terrorst, Financing Strategies, African States
Divisions:College of Social Science > Lincoln Law School
ID Code:33360
Deposited On:26 Sep 2018 14:21

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