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Assessment of terrorist financing threats and schemes for the development of AI prevention and detection tools

Wed, Nov 16, 11:00am to 12:20pm, M107, Marquis Level

Abstract

In the last decade, evidence has emerged that terrorists and terrorism supporters are increasingly using FinTech and emerging technologies to fund their activities. Terrorist organizations are altering their financing techniques and, consequently, several emerging threats and schemes with severe economic and social impacts are being revealed. Terrorist financing misuses and damages the financial sector while promoting and supporting violent criminal acts. Therefore, advanced investigative techniques based on new technologies are required to prevent and detect terrorist financing activities. To this end, the Cut The Cord (CTC) project implements an innovative approach that provides technical solutions based on AI tools. We first identify relevant threats and trends on the modus operandi of terrorist networks financing by reviewing several sources (i.e., literature, judicial/official reports, private insights, media articles). In doing so, we collect 340 real-life cases and translate previous findings into a set of recurrent patterns and anomalous schemes. We continue with the operationalization of the identified schemes into use-cases, which are further used to extract the requirements of end-users regarding the proposed technologies. Results on terrorist financing threats and trends as well as end-user requirements are ultimately validated in focus groups involving relevant stakeholders (CTC Project - ISFP GA 101036276).

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