Terrorist Organizations Are Turning To Cryptocurrencies, According To UN Officials

According to Svetlana Martynova, the UN Countering Financing of Terrorism Coordinator, terrorist organizations prohibited from the “formal financial system” have turned to cryptocurrency to pay for their terrible operations.

The UN official made the remarks during a speech at the UN’s Counter-Terrorism Committee (CTC) “Special Meeting” on October 28-29 in New Delhi and Mumbai, which was focused on combatting the use of new and emerging technologies for terrorist goals.

Cash and hawala (a traditional means of transmitting money in Arab regions and South Asia), according to Martynova, have been the primary mechanisms of terror financing. Martynova mentioned crypto as one of these technologies that have been utilized to create the potential for exploitation, adding:

“We know terrorists adapt to the evolution of conditions around them and as technologies evolve they adapt as well. If they’re excluded from the formal financial system and they want to purchase or invest in something with anonymity, and they’re advanced for that, they’re likely to abuse cryptocurrencies.”

According to UN Secretary-General Antonio Guterres, while modern technologies offer an unrivaled potential to enhance human circumstances worldwide, the harm done extends far beyond terror financing:

“Terrorists and others posing hateful ideologies are abusing new and emerging technologies to spread disinformation, foment discord, recruit and radicalize, mobilize resources and execute attacks.”

Martynova stated that the primary obstacle for the UN in dealing with the issue on an international level is getting nation-states to agree to its regulation. She said:

“We have very clear global standards from the Financial Action Task Force (FATF) and the resolutions of UNSC.”

Martynova, on the other hand, said that very few governments had begun the work on legislation, and even fewer are effectively implementing that regulation to prevent ill-intentioned non-state actors.

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