Terrorist financing: streaming platforms are the new frontier
The advantage lies in the ability to make payments – including using virtual assets – whilst employing tricks to avoid being traced
Key points
The new frontier of online terrorist financing is social media and streaming and instant messaging platforms, such as Twitch or Telegram . This is revealed in a study by the Financial Action Task Force (FATF), the intergovernmental body whose aim is to protect the financial system from threats posed money laundering, terrorist financing and the proliferation of weapons of mass destruction.
Over the last decade, in fact, streaming sites have become complex digital ecosystems, capable of reaching a vast audience. But that’s not all, because on these platforms it is possible to make payments, including using virtual assets. These technologies, explains the FATF report, are used by streamers and content creators, but also by terrorists both for propaganda purposes and to raise funds. However, it is not always clear to those sending money where the funds are ultimately going: fake humanitarian campaigns or charity fundraisers are some of the ploys used to convince those who browse these platforms to make a donation. The nature of these terrorism financing schemes is becoming increasingly complex: a wide range of media are used, and they allow for various payment methods, partly thanks to third-party providers.
The subjects
The study also reveals that, in 30 per cent of cases, those misusing the platforms are ‘lone wolves’ or small terrorist cells, whilst in 26 per cent of cases they are organisations or individuals motivated by ethnic or racial issues. A further 25 per cent consists of large, ramified structures that rely on local affiliates, whilst 19 per cent comprises unaffiliated terrorist groups operating at a local or regional level. According to FATF findings, less than 30 per cent of jurisdictions are addressing the risk of terrorist financing via platforms in their risk assessment reports.
Cooperation is essential
According to the report, some key measures to combat the misuse of these platforms include a better understanding of monetisation features, strengthening risk assessment capabilities, and more effective dialogue between public authorities and the private sector. “Terrorist financing has gone digital,” commented Elisa de Anda Madrazo, Chair of the FATF, “and so the ability to reach billions of people and amplify the impact of attacks has never been greater.” According to de Anda Madrazo, this means that “no single jurisdiction or authority can tackle this threat on its own; we therefore need to work closely together to prevent criminals from misusing these platforms to cause suffering around the world”.
