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Best Practices: Countering TF Abuse Of NPOS

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This week’s Subject Matter is about the Best Practices: Countering TF Abuse Of NPOS

On November 16, 2023, the Financial Action Task Force (FATF) published a report on best practices to combat the terrorist financing abuse of non-profit organizations. The FATF has updated its best practices to reflect the amendments to Recommendation 8 and to help countries, the non-profit sector, and financial institutions understand how best to protect relevant non-profit organizations (NPOs) from abuse for terrorist financing.

The mitigation measures to combat terrorist financing of non-profit organizations are:-
1- Assessing and understanding the terrorist financing risks
2- Assessing terrorist financing risks posed to NPOS
3- Effective approach in identifying, preventing, and combating terrorist financing abuse of NPOS

The counter-terrorist financing measures for NOPS are:-
1- Understanding terrorist financing risks at an individual NPO level
2- Self-regulatory measures by organizations and accrediting institutions
3- Individual control and good governance measures at an individual NPO level

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