Following the publication today of MONEYVAL's annual report, its Chair, Daniel Thelesklaf, pointed out that identifying the financing of terrorism has not yet been fully exploited as a strategy in the overall fight against terrorism.
“We are struggling to find ways how to better combat terrorism. Money is needed to plan and perpetrate attacks. Detecting terrorist financing – even in small amounts – can help to detect terrorist cells, prevent terrorism and deter terrorists”, he said.
In the report, MONEYVAL – which is the Council of Europe's anti money laundering and counter terrorist financing body - concludes that states have consistently improved their technical compliance with the international standards to fight money laundering and terrorist financing, particularly with regard to preventive measures.
However, the report stresses that the effective application of these standards remains a serious challenge. It underlines two priorities: prosecutorial authorities should do more to achieve money laundering convictions, and there is a need for deterrent confiscation orders which take the profit out of crime.
“We have the tools to combat money laundering, but the effective implementation of legislation depends on member states’ resources and political will. That is why the 5th evaluation round, which we launched in 2015, will focus on effectiveness”, said MONEYVAL's chairman.
“If a country does not deter money laundering, it risks losing access to the global financing architecture, which can have severe detrimental economic effects”, he added.
In 2017, MONEYVAL actively monitored 26 jurisdictions through the adoption of mutual evaluation reports (including onsite visits) or follow-up reports.