Abstract

Suppressing the financing of terrorism is an ambitious objective, and success will depend on the ability of states to quickly put in place appropriate legislation as well as adequate enforcement mechanisms. For countries that have already adopted the laws and put in place the necessary enforcement mechanisms to deal with money laundering, the additional legislation to address the financing of terrorism is not considerable, but the additional enforcement mechanisms required to successfully detect, and prosecute financing of terrorism cases may be considerable. For countries that lack both legal and administrative infrastructures, the task may well be more daunting. The IMF (together with the World Bank and many regional organizations) has engaged in programs to assess countries’ AML/CFT legal frameworks and to offer technical assistance to countries that wish to bring their legal frameworks into conformance with current international norms and standards in this regard.

Suppressing the financing of terrorism is an ambitious objective, and success will depend on the ability of states to quickly put in place appropriate legislation as well as adequate enforcement mechanisms. For countries that have already adopted the laws and put in place the necessary enforcement mechanisms to deal with money laundering, the additional legislation to address the financing of terrorism is not considerable, but the additional enforcement mechanisms required to successfully detect, and prosecute financing of terrorism cases may be considerable. For countries that lack both legal and administrative infrastructures, the task may well be more daunting. The IMF (together with the World Bank and many regional organizations) has engaged in programs to assess countries’ AML/CFT legal frameworks and to offer technical assistance to countries that wish to bring their legal frameworks into conformance with current international norms and standards in this regard.

A Handbook for Legislative Drafting
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