a. What are the similarities between Terrorist Financing and Money Laundering? (6 marks) b. Identify the...

a. What are the similarities between Terrorist Financing and Money Laundering?

b. Identify the key differences involve the origin and purpose of the funds raised between Terrorist Financing and Money Laundering?

Expert Solution

Money Laundering includes criminal activities to make huge amount of profit. Such activities are drugs trafficking, theft, human trafficking, smuggling, corruption, investment fraud etc. The proceeds are from criminal activities and will be concealed. Terrorist Financing involves collection of money with an intention to provide them to support terrorist activities.

Similarities between Terrorist Financing and Money Laundering

One of the main similarity is that the money from both of these activities will be concealed from the authorities because these are the result of criminal activities.
The methods used for Terrorist Financing and Money Laundering are almost similar. In both of these the actor makes illegal use of finance sector
Both of these are linked each other because the money laundered are used for terrorism

Differences involve the origin and purpose of the funds raised between Terrorist Financing and Money Laundering

In the case of Money Laundering the funds are always of illegal sources. But in Terrorist Financing funds from both illegal and legal sources are used.
In Terrorist Financing, the souces of funds may not be hidden, but the activities using those fund will be hidden. But in Money Laundering the activities as well as the funds will be hidden.
Terrorist Financing involves activity in a linear progression while the other is a circular activity
The motivation behind Money Laundering is profit making while Terrorist Financing ia a result of ideology of the people

jeff jeffy answered 1 year ago

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