International Security and the implications of Terrorism Financing: Interrogating Terrorism Financing Strategies and the Prospect of Counter-Terrorism Financing
Publication Date : 01-06-2025
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Abstract :
The international system is increasingly been threaten by the activities of violent non-state actors especially terrorist organizations. International security in the 21st century faces complex challenges that transcend national borders. Among the most pressing threats is the financing of terrorism, which serves as the lifeblood of extremist organizations worldwide. Terrorist groups require financial resources to recruit, train, procure weapons, propagate ideologies, and sustain operations. Without adequate funding, their capacity to conduct large-scale attacks and destabilize regions would be severely constrained. This paper therefore interrogates the sources and strategies for terrorism financing with a view to examining international responses towards addressing this challenge. It is the position of this paper that terrorist organizations have devised multiplicities of strategies to fund their activities and globalization has further aided their strategies. It further classified sources of funding into Legitimate Sources and Illicit Sources. methodologically, this paper is desk research and it relies on secondary sources of data. This paper posits that terrorism financing constitutes major threat to international security and addressing the sources of terrorism financing is a portent strategy in countering terrorism. This paper also identified and examined several international responses towards addressing terrorism financing with a view to proffering strategic measures towards enhancing efficiency and effectiveness of these measures. It recommends the need for the establishment of Financial Intelligence Units (FIU) by all states and also effective collaborations between FIUs and deposit money banks and other financial institutions. It also recommends strict compliance to FATF recommendations. Key Words: International Security, Terrorism Financing, Funding Strategies, International System, Financial Intelligence, Violent Extremism.
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