23-10-2022

Crypto invention brings revolutionary change in traditional financial system of the countries. It made the transactions more easier, secure and confidential then before. Then it's block chain technology not allowing any one to check , invade, tempar or alter it on any stage. But lot of terrible use has been invented as well. Which creating a new threat to financial system and stability of peace in world.

FATF ( Financial action task force) is a organisation which ranked countries for favourite in trades & ease of business atmosphere. Pakistan was in grey list where lot of countries were in hesitation to trade with. ( Black , grey and White lists are terms used in ranking). Since 2016 , Pakistan was in rehabilitation corridor to bring back its system according to guidelines of FATF.

Anti money laundering & anti terror financing bills were prime points. After 6 years of great efforts, laws , implementations and regulations Pakistan comes out from grey list just couple of days and enrolled in white list. The very strange thing for me was point of Crypto use and linked with Terror financing by FATF.

The terror financing by Crypto was identified very firstly by CTF department of Indonesia way back in 2015. When they track & investigate some Crypto transactions to Iraq which were suspected donations.

Homeland security of USA latest report also has huge concerns over Crypto uses in terror financing. They warns CBCDs to made strict KYCs and ease in tracking of transactions to identify the people in Crypto trail.

How terror organisations using Crypto?

Crypto currencies or digital assets are becoming softest way to collect money for Thier needs in terror. The handlers of such People & organisations putting their dirty money ( smuggling, drugs, corruption, money laundering ) around the globe in the exchanges to convert into Crypto and taking out as white money.

Fund raising.

These organizations has top secret fund raising networks and Crypto made it more easier. Where decentralised currencies getting transaction without possible monitoring of transfer. Especially when they use different accounts for transactions. Sending collective funds through Crypto gets no time to reach on destination and without any tax or legal record.

Donations.

Donation in Crypto is newly invented term where illegal groups / NGOs in different countries presenting themselves as humanitarian service providers. They urge people to donate in Crypto for a cause, on the name of God , humanity, needy people and that collection went silently to terror financing.

Illegal trade.

Illegal trade cross the borders in the world also puts share in terror financing when it convert into Crypto and send out without any liability from hives to unknown destinations in no time.

Conclusion:

We can't eliminate the factors of criminal minds in any case but we should stay in safe side by not going to be part of such people or organisation even unconsciously. Terror financing by Crypto is worst use of this assets and terrible for the community and the world.

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