Terrorists have honed crypto skills: UN body

Terrorist groups such as ISIL and al-Qaeda have become particularly proficient with the use of cryptocurrencies to finance terrorist activities, a key official of the United Nations Counter-Terrorism Executive Directorate (CTED) said.

CTED coordinator Svetlana Martynova on Combating the Financing of Terrorism said terrorist groups are using virtual assets and social media platforms to raise funds.

While organizations designed to combat terror financing, such as the Financial Action Task Force (FATF), have issued guidelines for national governments and service providers, Martynova argues that more is needed.

According to the FATF review in 2021, most countries have not implemented the FATF’s revised guidelines on the regulation of virtual assets such as crypto-currencies.

Only 58 countries in 128 reporting jurisdictions have updated their rules to deal with the terror finance threat.

The problem, Martynova said, is that mapping risks and vulnerabilities has not been a priority for most countries. In order to fully understand the risks posed by virtual assets, national governments, civil society and the private sector need to be in constant dialogue.