New payment systems: potential counter-terrorist financing risks and the legal response in the United Kingdom

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

Abstract

The rapid development, increased functionality, and growing use of new payment systems (NPSs) has created global challenges for countries and private-sector institutions in ensuring that these systems are not misused for money laundering and terrorist financing purposes. This development has attracted the attention of anti-money laundering and countering terrorist financing (AML/CTF) authorities as they seek to develop and implement AML/CTF regulations for NPSs. This chapter examines the fundamental trend towards electronic payments. The basic need for terrorist organisations to raise, move, and use funds has remained constant; however, their methods of raising and managing funds have evolved over time. This chapter focuses on the CTF risks of NPSs especially within the UK legal regime. This approach differs from other literature in the field, which deals solely with the UK CTF regime or with other international standards, usually migration from paper focusing on the criminalisation of terrorist financing. The chapter will consider the CTF regime in the United Kingdom in the context of emerging innovative payment systems.
Original languageEnglish
Title of host publicationAssets, crimes, and the state
Subtitle of host publicationinnovation in 21st century legal responses
EditorsKatie Benson , Colin King, Clive Walker
Place of PublicationLondon ; New York
PublisherRoutledge, Taylor and Francis Group
Chapter9
Pages125-139
Number of pages15
ISBN (Electronic)9780429398834
ISBN (Print)9780367025922
DOIs
Publication statusPublished - 2020

Publication series

NameTransnational Criminal Justice
PublisherRoutledge

Keywords

  • New Payment System
  • Counter Terrorist Financing
  • FATF

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