Terror Funds, Dirty Money Flow Through Charities – Report

Charity News Online

Illegally derived proceeds and funds marked for terrorists are now flowing through non-traditional channels like casinos and even charity foundations, a money laundering watchdog said Thursday.
"Casinos today are not only the physical buildings you can walk into and make a bet ... there is also Internet betting," said Australia’s Federal Police Commissioner and co-chairman of the Asia-Pacific Group (APG) on Money Laundering Mick Keelty during the group’s 9th annual gathering hosted by the Philippines, Philippine Daily Inquirer reports.

Money laundering is the act of converting or transferring and concealing cash or other property derived from criminal activities and making it appear as it comes from a legitimate source. Casinos and charity foundations are more often used for the purpose.

Eliot Kennedy of the APG Secretariat said four out of nine special recommendations promulgated during the APG meetings focused on methods used to finance terrorism. These include the use of alternative remittance systems ... such as cash couriers, non-profit organizations, charities, and a number of wire transfers, Kennedy said.

APG, which complements the efforts of the Paris-based Financial Action Task Force on money laundering in the Asia-Pacific region, was officially established in 1997 during a regional forum on dirty money in Bangkok.

charity, money laundering , terrorism