Bitcoin may become a tool for extremist organizations

A new report from the Financial Task Force ( FATF ) suggests that Bitcoin could pose a terrorist financing risk.

In a report released today titled Emerging Terrorist Financing Risks, the organization noted that virtual currencies have attracted the attention of various criminal groups, including extremist groups.

However, their use (including by terrorist groups) is likely to increase in the short term, and the scale of the threat they pose is unknown and requires further research.

" This report raises some interesting cases, but the actual prevalence and level of development of these technologies among terrorist groups and their supporters is unknown at this time and warrants further investigation. "

FATF members’ primary concern in this area is foreign terrorist fighters ( FTFs ), with material support being one of the main forms of support for terrorism.

Foreign terrorist fighters, in most cases, obtain their funds through traditional channels. But the report contains sufficient evidence that extremist groups around the world are discussing Bitcoin as a means of purchasing weapons and obtaining financial assistance.

About FATF

The Financial Action Task Force on Money Laundering (FATF) is an intergovernmental international organization established in Paris in 1989 by the seven Western countries to study the harm of money laundering, prevent money laundering and coordinate international anti-money laundering actions . It is currently one of the most influential and authoritative international organizations in the field of international anti-money laundering and anti-terrorist financing. Its member countries are located in major financial centers on all continents. The 40 anti-money laundering recommendations and nine special anti-terrorist financing recommendations ( FATF 40+9 recommendations) formulated by it are the most authoritative documents in the world for anti-money laundering and anti-terrorist financing. As of February 2005 , the organization has 33 members and more than 20 observers.