Cryptoassets, social media platforms and defence against terrorism financing suspicious activity reports: A step into the regulatory unknown

Ryder, Nicholas

Abstract

This paper is divided into three parts. Firstly, the paper presents evidence how terrorism financiers are able to operate via the Internet and social media platforms. Secondly, it enhances the understanding of the use of Defence against Terrorism Financing (DATF) Suspicious Activity Reports (SARs) by highlighting the current weaknesses in the United Kingdom’s (UK) legislative approach. Thirdly, to consider the extension of ‘DATF’ SARs to payments made via social media platforms. The paper advocates that the exchange of information model between financial institutions, supervisory agencies and the National Crime Agency via the Joint Intelligence Money Laundering Task Force (JMLIT) must be extended to social media platforms.

• Journal Article Type: Article
• Acceptance Date: Sep 25, 2019
• Online Publication Date: Nov 23, 2020
• Publication Date: Nov 23, 2020
• Deposit Date: Dec 4, 2019
• Print ISSN: 0021-9460
• Publisher: Sweet and Maxwell
• Peer Reviewed: Peer Reviewed
• Volume: 8
• Pages: 668-693
• Keywords: Terrorism financing, social media platforms and cryptoassets.
• Public URL: https://uwe-repository.worktribe.com/output/3283973
• Publisher URL: https://uk.westlaw.com/Document/IE3E38F5023BB11EB83DBFB2F83906244/View/FullText.html?navigationPath=Search%2Fv1%2Fresults%2Fnavigation%2Fi0ad73aa60000017eddd4c9a44375c149%3Fppcid%3D90e69abe2413458eb2661a3ab5c51638%26Nav%3DRESEARCH_COMBINED_WLUK%26fragment