A group of leading Israeli fintech companies and leaders have partnered with Israel’s National Bureau for Counter-Terror Financing (NBCTF) to fight the financing of terrorist organisations worldwide.
Until now, the NBCTF and other security agencies have worked overtly and covertly on this task.
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The purpose of economic warfare against terror in the modern era is to create damage to the ‘oxygen pipeline’ of terrorist organisations. Successful economic warfare will harm the ability of terrorist organisations to recruit activists, acquire assets, and carry out attacks.
The addition of the Israeli fintech sector will help integrate the list of organisations, entities, and bank accounts with global finance systems and initiate Israeli sanctions in terrorism financing, as well as aid in blocking and actively cutting off financing.
Global cooperation key to combating terrorism financing
The list of companies and individuals who have already joined the initiative includes Mark Gazit, co-founder, and former CEO of ThetaRay, Yoni Assia of eToro, Ronen Nir of PSG and Viola, Yuval Tal, founder of Payoneer, Amir Orad, CEO of Sisense.
“Through my experience as ThetaRay CEO, I realised that the most effective way to combat terror financing is through global cooperation,” said Gazit.
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By GlobalData“Preventing terror, which has become an acute issue for financial institutions and banks, will be made possible by Israel’s willingness to transparently provide the list of entities and bank accounts suspected of financing terrorism. The uniqueness of the proactive enforcement method used by the NBCTF, in which it approaches banks and fintech companies engaged in international money transfers on a case-by-case basis, will be leveraged by the activity of the financial sector. No less important, in the war on terror financing, financial institutions will be able to enforce sanctions only on terrorist organisation activities and not harm the global economy which will be able to continue to grow.”
Currently, alongside the sanctions lists of the European Union and the UN, two countries who are intensely engaged in imposing sanctions include the US and Israel and operate two different approaches. The US imposes sanctions and by its position and strength, many countries enforce sanctions in order to work with the US. Israel, on the other hand, in addition to imposing sanctions, works proactively vis-à-vis international financial institutions. Every seizure warrant of the Israeli Minister of Defense is published on the NBCTF website and other sites and passed on to the relevant financial institution.
