Report: Counterfeiting Money is One of the Methods Used by Terrorist Groups to Finance Their Activities
The Mogadishu Center for Political and Strategic Studies has revealed that the Democratic Republic of the Congo has become a major hub for currency counterfeiting and distribution across the African continent. Terrorist organizations and armed militias have exploited this to fund their criminal operations and support their members.
Rwandan authorities arrested two men last year while they were printing counterfeit $100 bills in the Bugesera area. These men had printed about $100,000 in counterfeit money. During investigations, one of them confessed to the police that he had purchased the printing paper in Congo, indicating the spread of this phenomenon in the country and its transition to neighboring countries like Rwanda.
The study highlighted that Congo ranks first in the “ENACT” organized crime index; criminal gangs based there disseminate counterfeit money in the informal economies of Congo, Rwanda, and Uganda, where it is difficult for vendors to detect. The severity of the issue extends to the use of these counterfeit bills for purchasing weapons and funding terrorist activities.
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Al-Azhar Observatory for Combating Extremism confirmed that terrorist organizations always seek to find diverse sources to finance their activities and members. Among these sources are piracy, kidnapping, counterfeiting money, alongside manipulating modern applications and cryptocurrencies. This necessitates increased vigilance and stricter monitoring of funds crossing borders, and enhanced cooperation between African countries to prevent the flow of funds and illicit practices that fuel terrorism on African soil.
The Observatory called for the implementation of stringent standards to verify the integrity of financial transactions, especially those crossing borders, and the establishment of special units dedicated to financial monitoring and tracking sources of terrorist financing and uncovering suspicious operations. Additionally, improving the surveillance of money transfers to dry up the sources of terrorist funding.
Cryptocurrencies are one of the ways armed and terrorist-classified groups obtain and use funds, according to a report published by “Reuters.”
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Various methods are used to finance activities, including cash, banks, shell companies, charities, and informal financial networks.
Recently, terrorist organizations have used electronic wallets to “collect, store, and transfer” funds, according to a report by “Chainalysis,” a blockchain analysis firm based in New York.
Some armed organizations use cryptocurrencies for “speculation” to achieve gains and direct them to direct financial support, according to a researcher specializing in extremist groups.
