🌍 What Next for the Fight Against the Financing of Terrorism?
On the eve of the 5th “No Money for Terror” ministerial conference, a flagship moment of the French G7 Presidency, PSIA hosted a panel on the future of countering the financing of terrorism. The discussion brought together Elisa de Anda Madrazo, President of the Financial Action Task Force (FATF), Noémie CHEVASSU, Senior Manager of the Complex Investigations Unit for France at Revolut, Nermine Kamal, Sub-Governor of the Central Bank of Egypt, and SALAVERT Lise, Advocacy Coordinator at ACTION CONTRE LA FAIM.
🔍 Following open remarks by olivier caron, French Special Envoy for Terrorism and Organized Crime, the conversation first focused on the operational reality of managing risk in the private sector. Noémie Chevassu offered a candid view, warning against the temptation of a zero-risk approach that would simply mean withdrawing from high-risk jurisdictions and losing the visibility needed to detect threats.
💻 Speakers then turned to the evolving geography and methods of terrorism financing. As Elisa de Anda Madrazo underlined, the threat has shifted from diaspora-based financing to a far more decentralized landscape, with Africa now accounting for nearly half of global casualties. Terrorist groups are increasingly turning to virtual assets to fund training and propaganda, in a sector that long remained beyond the reach of any regulator. The role of the FATF is precisely to assess how effectively countries implement standards, while ensuring that international organisations have the resources to keep up.
⚖️ Nermine Kamal echoed this concern from a central bank perspective, warning that “too much control is no longer control”. De-risking, she argued, creates systemic vulnerabilities, whereas a genuine risk-based approach builds proportionality into supervision and keeps financial services accessible. Central banks, in this view, must hold the balance between integrity and inclusion, and continuously update their understanding of how financial crime evolves.
🤲 Lise Salavert closed the panel with a humanitarian perspective, recalling that delivering aid in areas controlled by non-state armed groups is challenging but never impossible. Action contre la Faim invests heavily in compliance mechanisms to navigate a range of international regulations, domestic sanctions, counter-terrorism measures and host-government requirements. She also flagged a worrying trend: the adoption of restrictive NGO laws and the use of “state of emergency” measures that increasingly prevent humanitarian access to populations in need.
Closing remarks were delivered by Claire Cheremetinski, Deputy Director General of the French Treasury.
🙏 Thank you to our distinguished guests and to Stephen Reimer, Adjunct Professor at PSIA and Associate Fellow at the Centre for Finance and Security at RUSI who moderated the conversation!
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