The following Practice Compliance guidance note provides comprehensive and up to date legal information covering:
This Practice Note explains counter-terrorist financing (CTF), including the offences and obligations contained in the Terrorism Act 2000 (TA 2000) and related legislation. It outlines what terrorist financing is, how it relates to the anti-money laundering (AML) regime and why it is important for law firms.
Terrorists need funds to plan and carry out attacks. TA 2000 criminalises both the participation in terrorist activities and terrorist financing.
In general terms, terrorist financing is the provision or collection of funds from legitimate or illegitimate sources with the intention or in the knowledge that they should be used to carry out any act of terrorism, whether or not those funds are in fact used for that purpose.
Counter-terrorist financing (CTF) and AML are different concepts, albeit with similar aims. The CTF and AML regimes run together in UK legislation. Many of the provisions of the Proceeds of Crime Act 2002 (POCA 2002) and TA 2000 closely mirror one another and the definitions in each are deliberately matched. Both Acts run parallel to the Money Laundering Regulations 2017 (MLR 2017), SI 2017/692 in terms of required systems and controls.
Both AML and CTF regimes require a risk-based approach under MLR 2017. However, since terrorist funds can originate from a legitimate source, it can be much
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