Terrorists fund their horrific deeds with crypto: UN officials
Cash and hawala remain the "predominant methods of financing terrorism", according to a UN official, however, the "Advanced" terrorist organizations turn to cryptocurrencies.
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Terrorist groups that have been locked out of the "formal financial system" have turned to crypto to finance their heinous activities, according to Svetlana Martynova, United Nations (UN) Counter Terrorist Financing Coordinator.
The UN official made the comments during a speech at a 'special meeting' organized by the UN's Counter-Terrorism Committee (CTC) in New Delhi and Mumbai on 28-29 October - which focused on countering the use of "new and emerging technologies" for terrorist purposes.
Martynova said that while cash and "hawala" - a traditional money transfer system in Arab countries and South Asia - have been the "predominant methods" of financing terrorism, "we we know that terrorists adapt to changing conditions around them and as technologies evolve, they also adapt,” she said.
Martynova noted that these technologies include cryptocurrencies, which have been used to "create opportunities for abuse", she said, adding:
"If they are excluded from the formal financial system and they want to buy or invest in something with anonymity, and they are advanced for it, they are likely to misuse cryptocurrencies."
UN Secretary-General Antonio Guterres has also said that while emerging technologies have "unparalleled potential to improve human conditions everywhere", the harm caused also extends far beyond the financing of terrorism. :
"Terrorists and other followers of hateful ideologies are abusing new and emerging technologies to spread misinformation, foment discord, recruit and radicalize, mobilize resources, and execute attacks."
As for how the UN plans to handle the issue internationally, Martynova said the main challenge is to get nation states on board with its regulation.
"We have...
Cash and hawala remain the "predominant methods of financing terrorism", according to a UN official, however, the "Advanced" terrorist organizations turn to cryptocurrencies.
New
Terrorist groups that have been locked out of the "formal financial system" have turned to crypto to finance their heinous activities, according to Svetlana Martynova, United Nations (UN) Counter Terrorist Financing Coordinator.
The UN official made the comments during a speech at a 'special meeting' organized by the UN's Counter-Terrorism Committee (CTC) in New Delhi and Mumbai on 28-29 October - which focused on countering the use of "new and emerging technologies" for terrorist purposes.
Martynova said that while cash and "hawala" - a traditional money transfer system in Arab countries and South Asia - have been the "predominant methods" of financing terrorism, "we we know that terrorists adapt to changing conditions around them and as technologies evolve, they also adapt,” she said.
Martynova noted that these technologies include cryptocurrencies, which have been used to "create opportunities for abuse", she said, adding:
"If they are excluded from the formal financial system and they want to buy or invest in something with anonymity, and they are advanced for it, they are likely to misuse cryptocurrencies."
UN Secretary-General Antonio Guterres has also said that while emerging technologies have "unparalleled potential to improve human conditions everywhere", the harm caused also extends far beyond the financing of terrorism. :
"Terrorists and other followers of hateful ideologies are abusing new and emerging technologies to spread misinformation, foment discord, recruit and radicalize, mobilize resources, and execute attacks."
As for how the UN plans to handle the issue internationally, Martynova said the main challenge is to get nation states on board with its regulation.
"We have...
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