WORKING WITH REGIONAL PARTNERS TO SNUFF OUT TERRORISM FINANCING
Malaysia, Indonesia and Australia team up to end terror threat
MALAYSIA has joined forces with Indonesia and Australia to put a chokehold on terror financing to snuff out the threat of militant activities in the region and abroad.
Under the leadership of the Financial Intelligence Units (FIUs) of the three countries, Malaysia has embarked on the groundbreaking Regional Risk Assessment on Terrorism Financing and Non-Profit Organisations (NPOs).
Deputy Prime Minister and Home Minister Datuk Seri Dr Ahmad Zahid Hamidi said yesterday the government would monitor transactions deemed to be possible financing lines to terrorist organisations.
He said this included official sources, such as the banking system, and unofficial means involving donations and contributions from terrorist sympathisers.
“The only way to curb terrorist activities is to stop and cut off terrorist financing, which may go through the banking system or via unofficial means.
“Some NPOs and (terrorist) sympathisers may be too naive and are influenced by terror groups, especially over the Internet and social media.
“This has been known to be the case in some of the countries in our region, but, so far, there has been none in Malaysia,” he said when opening the third CounterTerrorism Financing Summit at Bank Negara Malaysia (BNM) here yesterday.
The summit was organised by BNM in partnership with Australia’s financial intelligence agency Austrac, and Indonesia’s Pusat Pelaporan dan Analisis Transaksi Keuangan.
Zahid said combating terrorism was a global effort and that the threat could not be stopped by destroying a terror group.
He said terrorists were capable of reaching out to a global audience to achieve their agenda, including raising funds.
“It is disheartening to see establishments meant for helping the underprivileged manipulated by terrorists to ‘fund’ fear and suffering.”
He said it was important to maximise the use of financial intelligence to detect and deter terror funding through international cooperation.
“It has been a long-held belief of states, and international organisations like the Financial Action Task Force, that a prerequisite for countering terrorism is to tackle the financing of activities carried out for terrorist purposes.
“If you kill a terrorist, another terrorist will be ‘born’. But, if you cut off the funds and other economic resources, you can end the entire operation.”
The Regional Risk Assessment on Terrorism Financing and NPOs, he said, came about following the success of last year’s Terrorism Financing Regional Risk Assessment, the first of its kind.
“The continuation of these successful collaborations symbolises the unwavering support and commitment by all regional partners to identify the sub-sets, or vulnerable characteristics of NPOs, to better mitigate them against terrorism financing, without choking the funding or disrupting the operation of legitimate NPOs.”
The four-day summit will involve more than 350 specialists and professionals from 35 countries and international organisations sharing their insights into terrorism financing issues, counter-terrorism strategies and how countries, acting as a region, can share and exchange terrorism related developments.
Present at the opening of the summit were Australian Justice Minister Michael Keenan and Indonesian Coordinating Minister for Political, Legal and Security Affairs General Wiranto.
Wiranto said Indonesia was monitoring all organisations, making it impossible for terrorist sympathisers to provide funds without being traced.
Keenan said, since 2014, the Australian government had spent A$1.5 billion (RM4.68 billion) on revamping its intelligence agencies and had deported more than 200 Australians for their involvement in terrorism.
He said the security of Southeast Asia, and its stability, was of critical importance to Canberra, thus making it important for Australia to be committed to defeating terrorism in the region.