FinCEN joins international financial intelligence units for task force to counter terrorism financing

The Financial Crimes Enforcement Network (FinCEN) announced it is joining twelve financial intelligence units (FIUs) recognizing the formation of a task force of like-minded FIUs who aim to strengthen efforts to disrupt international financial flows to Hamas and other terrorist organizations, established following the terror attacks by Hamas against Israel on Oct. 7.

Led by four Co-Chairs, including FIUs Germany, Israel, the Netherlands, and the United States, the purpose of the task force is to "combine and strengthen the efforts to disrupt the international money flows related to Hamas and support global anti-terrorism efforts through the coordination of financial intelligence and information sharing."

 To effectuate disruption of the financing of Hamas and other terrorist groups, the Task Force Members commit to taking concrete actions to:

• Enhance financial intelligence on terrorist-financing related matters and associated financial flows and economic activities;
• Expedite and increase sharing of financial intelligence in terrorist financing-related matters and associated financial flows and economic activities;
• Discuss FIU best practices, lessons learned, and opportunities for additional actions and partnerships to combat and disrupt terrorist financing activities; and
• Strengthen and facilitate working relationships between FIUs and competent public authorities and the private sector addressing this threat.