Free Essay. Problem in Terrorism

Terrorist financing is defined as the various ways terrorists obtain resources they use to carry out their activities. There are multiple ways through which the terrorists get resources that they use to enable them to conduct their illegal activities. The avenues that they use to finance their activities range from legal to illicit activities. Therefore, numerous issues come about as a result of the terrorists financing their operations. Majorly, it is because of the adverse effects that their actions have on other people’s welfare. There is a great deal of inconvenience that is associated with terrorist activities in multiple locations worldwide. Freeman & Ruehsen, 2013). The effect it has is the compromise of peace and order in the world, because of the terrorist activities. Numerous issues are associated with terrorist financing. In this case, money laundering is one of the significant problems that are related to terrorist financing. Money laundering is the engagement where illegal proceeds of terrorism are made to appear legal, then injected into the financial system. The issue of money laundering in terrorism financing is essential because when tackled, it will significantly reduce the number of finances that facilitate terrorism.

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Various issues are responsible for framing and facilitating the issue of money laundering and its support for terrorism. First, is corruption among the officials in the financial system. Numerous oversight authorities are meant to make sure the financial system is free from any money laundering. However, some parties facilitate the issue of money laundering so that they can receive financial gains, helping to promote the issue. Furthermore, there is the issue of the use of financial technology, which is dynamic to facilitate money laundering. The parties that are engaged in money laundering take advantage of the regulatory and oversight lag in oversight and policy formulation to promote their activities. In the long run, there is the facilitation of their operations because of their innovation and creativity. Bureaucracy in the determination of cases and complaints involved in money laundering is the other issue that facilitates money laundering. There is a lot of time that is taken in the various procedures meant to address money laundering, which serves to aid in the long run. The multiple issues frame the issue of money laundering by facilitating it among terror groups.

Various possible solutions can be used to tackle the issue of money laundering and how it facilitates terrorism financing. First, there should be measures in place to reduce the degree of corruption associated with money laundering. There should be strict rules and punishment, which will deter people from engaging in bribery that facilitates terrorism. When people are made accountable for their corrupt activities that enable terrorism, it will reduce the urge of other parties to participate in the vice. Empowerment of the oversight authorities with adequate skills and resources to help them track the proceeds of money laundering is the other solution (Gordon, 2010). With better skills and resources, the parties that are meant to counter-terrorism will be in a better place to hold perpetrators accountable for their activities. That will reduce the incentive of anyone engaging in money laundering to facilitate terrorism. The other solution is tracking the facilitators of money laundering, and the sources of their finances. That will lead to the freezing of their accounts and other resources (Irwin et al., 2012). The step will significantly reduce the effect of money laundering, hence reducing terrorism financing.

To remedy the situation of money laundering and its facilitation of terrorist financing, the course of action that can help is total stakeholder commitment. Multiple parties are interested in finding a solution to the issue of terrorism financing, who play different roles. When all these parties engage in more vigorous and committed activities, it will reduce the effect of terrorism financing. When every party plays its oversight role in the best way possible, money laundering will be reduced significantly. In the long run, funding terrorists will also end, as money laundering is one of the significant facilitators. Therefore, it is evident that when money laundering is addressed adequately, it will significantly reduce terrorism financing.

References

Freeman, M., & Ruehsen, M. (2013). Terrorism financing methods: An overview. Perspectives on terrorism, 7(4), 5-26. http://www.terrorismanalysts.com/pt/index.php/pot/article/view/279/html

Gordon, R. K. (2010). Losing the war against dirty money: Rethinking global standards on preventing money laundering and terrorism financing. Duke J. Comp. & Int'l L., 21, 503. https://heinonline.org/HOL/LandingPage?handle=hein.journals/djcil21&div=28&id=&page=

Irwin, A. S. M., Choo, K. K. R., & Liu, L. (2012). An analysis of money laundering and terrorism financing typologies. Journal of Money Laundering Control. https://www.emerald.com/insight/content/doi/10.1108/13685201211194745/full/html