Another Australian Bank De-Risks and Exits Remittance Business Over Terrorist Financing Regulatory Risks; Financial Inclusion and Shadow Banking Seen As Repercussion

Fourth banks closes remittances businesses Another bank in Australia, the Westpac Bank, has announced it will close its remittance business division next week over the difficulty of complying with counter-terrorism laws. By de-risking and closing its remittance division, the Bank is terminating the bank accounts of all of its business customers who operate money services [...]

Islamic State – ISIS funded by sales of oil, captured women and taxes Christians must pay to stay alive; and how banks are used to finance terrorism

Terrorist groups are not a financial island This article has been updated and replaced with the White Paper on ISIS’ Terrorist Financing available here.

Australia proposing sweeping new counter terrorism laws that would make it an offence to travel to terrorist-impregnated regions

The government of Australia is set to announce sweeping new counter-terrorism laws early next week according to several news reports. The new anti-terrorism laws will, inter alia: Authorize police to secretly search the home of suspected terrorists. Allow the incarceration for up to five years of persons convicted of preaching radical extremists acts (presumably related to [...]

Australia faces ISIS terrorist threat; closes MSB over suspect terrorist financing

AUSTRAC unregisters MSB Australia’s financial intelligence unit, AUSTRAC, has suspended the registration and activities of a money services business (MSB) in Australia over questions arising from potential terrorist financing. It is the first time AUSTRAC has suspended a reporting entity. The MSB, operating under the trade name Bisotel Rieh Pty Ltd., failed to report all [...]