Terror Funding Report ‘No Reason For Remittance Crackdown’

Regulators should accept that some remittance systems will be misused by terrorist groups, experts have said, after mounting international pressure on cross-border fund transfer firms to stamp out illicit flows.

A report published last week by the Financial Action Task Force (FATF), an international financial crime body, described the fund transfer sector as a “key entrance point” for money that ends up in the hands of terrorist organisations in West and Central Africa.

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