[2015-10-24] IE: Online Terror Funding on the Rise

Online Terror Funding on the Rise, FATF Warns Governments

http://www.newindianexpress.com/nation/Online-Terror-Funding-on-the-Rise-FATF-Warns-Governments/2015/10/24/article3094754.ece

The Financial Action Task Force (FATF) ha s warned governments that crowd-funding, with e-wallets, virtual currency bitcoin, online payment systems such as PayPal, CashU, and social media networks are fast becoming fundraising spaces for terrorist outfits.

Terrorist outfits are suspected to be using largescale crowd-funding to generate money to undertake attacks. The FATF, in its latest report, “Emerging Terrorist Financing Risks”, noted that several cases indicated that the donors did not know the end use of the collected funds. The new trend may replace traditional terror-financing methods like private donations, use of charity organisations, fund transfers and hawala.