Financing terrorism in Africa…a study revealing its effects on the countries of the African continent
Finance is the main nerve for extremist groups to support their operations, and ensures the continuation of their terrorist activities, and terrorists need money to carry out their activities. Without financing, they cannot purchase weapons, equipment, supplies, or services.
The source of terrorists’ funds may be legitimate or illegitimate, and often Funding typically takes the form of multiple small donations, rather than one large sum of money. Terrorist financing is a global phenomenon that not only threatens the security of member states, but can also undermine economic development and the stability of financial markets. Therefore, it is extremely important to stop the flow of money to terrorists.
A study by the Pharos Center for Strategic Studies, which specializes in African affairs, revealed that although the number and character of terrorist groups and threats change over time
Money is raised through a variety of means, including – For example, but not limited to – Abuse of legitimate business ventures, exploitation of natural resources, abuse of non-profit organizations, and crowdfunding sites. Terrorists and terrorist groups may also be linked to organized criminal groups either directly or indirectly, and may engage in criminal activities, including drug or weapons trafficking, trafficking in persons, extortion, and kidnapping for ransom.
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States are increasingly concerned about terrorists’ misuse of the Internet and other modern technologies to raise and transfer funds, including through virtual currencies. Tracking measures and financial intelligence analyzes provide key information about terrorist networks and their links to individual terrorists, including foreign terrorist fighters.
Dr. Sally Mohammed Farid said Professor of Economics and Head of the Department of Politics and Economics at the Graduate School of African Studies – Cairo University: In the text of the study, the sources of financing for extremist organizations vary, including transferring money to criminal gangs that kidnap civilians and demand ransom, collecting donations and hidden financing via the Internet, as well as their possession of encrypted digital currencies worth hundreds of millions of dollars. Imposing strict control on private financial companies and monitoring their financial assets would dry up sources of funding and combat terrorism.
She continued, including one of Aspects of this diversification are the expansion of fundraising, such as through traditional online donation platforms, social media, and more recently through encrypted digital currencies and other means. The global spread of the Corona epidemic has prompted terrorist groups to increase their use of financial services and virtual assets on the Internet. However, terrorist groups are still resourceful when it comes to collecting donations online
