Role of financial intelligence in combating the financing of terrorism

In line with the advances of information technology, financial markets have been improving as well as the other fields of social environment. In this regard, new developments and innovations led more practical, faster, cheaper, financial transactions. These instruments are available for everybody and organisations, including terrorists. The World has been experiencing new methods in the fight against terrorism. After the terrorist attacks of 9/11, combating terrorist financing has brought a broader dimension into this context. To this date, general policy was to eliminate the terrorists, rather than their capability of fund management. Financing is vital for terrorists; they need funds both for their activities and organizational maintenance. Those funds are raised not only from illegal activities but also from legal ones. In this respect, focus of financial intelligence has extended to fight against the financing of terrorism, along with anti-money laundering and other financial crimes. This study examines the importance degree of combatting terrorist financing in the fight against terrorism. Moreover, it is searched that how financial intelligence contribute in this field. For this purpose, conceptual framework and general information about issues of terrorism are presented in the first chapter. Then, why do the terrorists need financing and how they gather and transfer those funds are explained in the second chapter. Third chapter gives information about combating terrorist financing and the use of financial intelligence in this context. Finally, fourth chapter provides information about the methodology and findings of the research. Semi-structured interview method is implemented in the research, to 15 experts and academicians, who have expertise in the field of combating terrorism. Descriptive and systematic analyse is conducted to the findings. The findings suggest that, although the combating of terrorist financing has a great significance in the fight against terrorism, there are much need to be done to achieve common goals in practice. The process requires more efficient and effective system both in national and international levels. Additionally, quality and quantity of employees are also important for the responsibilities of financial intelligence.