New Technologies, New Risks? Innovation and Countering the Financing of Terrorism

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collection.link.126
https://openknowledge.worldbank.org/handle/10986/5908
collection.name.126
World Bank Working Papers
dc.contributor.author
Zerzan, Andrew
dc.date.accessioned
2012-03-19T09:32:37Z
dc.date.accessioned
2012-04-04T07:43:52Z
dc.date.available
2012-03-19T09:32:37Z
dc.date.available
2012-04-04T07:43:52Z
dc.date.issued
2010
dc.description.abstract
Recent developments in the way financial services are delivered have provided both opportunities for economic development and prompted fears of their attractiveness for crimes such as terrorist financing. This paper explores four innovations, value cards, mobile financial services, online banking and payments, and digital currencies, outlining how they work, analyzing their risks, and identifying some ways in which governments and providers are attempting to reduce their attractiveness to financiers of terrorism. Determining what the actual risks are is critical to ensuring that laws and regulations balance both the need to protect integrity in the market and to create an environment friendly to business and empowering to the poor. The paper concludes that these new methods of payment do not offer particular usefulness to terrorist financiers. However, some of these channels could be attractive for general criminal abuse because they have an ambiguous place in the legal regime. Providers therefore, may not know about or elect to properly mitigate risks. The industry is encouraged to work within itself to share information to prevent and detect criminal activity. Governments should consult with industry in deciding regulation and industry should notify government prior to rolling out a new service. This will make government oversight more effective. Lastly, since many of these services are international in scope, government coordination and awareness rising is central.
en
dc.identifier
http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20100105024650
dc.identifier.isbn
978-0-8213-8086-4
dc.identifier.uri
http://hdl.handle.net/10986/2400
dc.identifier.uri
http://hdl.handle.net/10986/5918
dc.language
English
dc.publisher
World Bank
dc.relation.ispartofseries
World Bank Working Paper ; No. 174
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
ACCOUNT BALANCE
dc.subject
ACCOUNT HOLDERS
dc.subject
ACCOUNT INFORMATION
dc.subject
ACCOUNT NUMBER
dc.subject
AUCTION
dc.subject
AUTHENTICATION
dc.subject
AUTHORIZATION
dc.subject
BANK ACCOUNT
dc.subject
BANK ACCOUNTS
dc.subject
BANK BRANCHES
dc.subject
BANK FOR INTERNATIONAL SETTLEMENTS
dc.subject
BANKING ACCOUNT
dc.subject
BANKING SERVICES
dc.subject
BASIC
dc.subject
BEST PRACTICES
dc.subject
BIOMETRIC AUTHENTICATION
dc.subject
BIOMETRIC TECHNOLOGY
dc.subject
BUSINESS ENVIRONMENT
dc.subject
BUSINESS MODEL
dc.subject
BUSINESS MODELS
dc.subject
BUSINESS RELATIONSHIP
dc.subject
BUSINESSES
dc.subject
BUYER
dc.subject
BUYERS
dc.subject
CAPABILITIES
dc.subject
CARD TECHNOLOGY
dc.subject
CARDHOLDER
dc.subject
CARDHOLDERS
dc.subject
CELLULAR NETWORK
dc.subject
CENTRAL BANKS
dc.subject
CENTRAL SERVER
dc.subject
CLEARING SYSTEMS
dc.subject
COMMODITY
dc.subject
COMMUNICATION TECHNOLOGIES
dc.subject
COMMUNICATIONS TECHNOLOGY
dc.subject
COMMUNITIES
dc.subject
COMPUTERS
dc.subject
COPYING
dc.subject
COPYRIGHT
dc.subject
CREDIT CARD
dc.subject
CREDIT CARDS
dc.subject
CRIMINAL PURPOSES
dc.subject
CURRENCY EXCHANGE
dc.subject
CUSTOM
dc.subject
CUSTOMER IDENTIFICATION
dc.subject
CUSTOMER INFORMATION
dc.subject
CUSTOMER PROFILE
dc.subject
CUSTOMER PROFILING
dc.subject
CUSTOMER SERVICE
dc.subject
CUSTOMS
dc.subject
DEBIT CARD
dc.subject
DEPOSITS
dc.subject
DIGITAL
dc.subject
DIGITAL CURRENCIES
dc.subject
DIGITAL CURRENCY
dc.subject
DRUG TRAFFICKING
dc.subject
DUE DILIGENCE
dc.subject
ECONOMIC DEVELOPMENT
dc.subject
ELECTRONIC BANKING
dc.subject
ELECTRONIC FUNDS
dc.subject
ELECTRONIC FUNDS TRANSFER
dc.subject
ELECTRONIC MONIES
dc.subject
ELECTRONIC PAYMENT
dc.subject
ELECTRONIC PAYMENT SYSTEMS
dc.subject
ELECTRONIC PURSE
dc.subject
ELECTRONIC PURSES
dc.subject
ELECTRONIC SIGNATURE
dc.subject
EQUIPMENT
dc.subject
FEDERAL RESERVE BANK
dc.subject
FEDERAL RESERVE BANK OF NEW YORK
dc.subject
FINANCIAL ACTIVITY
dc.subject
FINANCIAL CRIMES
dc.subject
FINANCIAL INFORMATION
dc.subject
FINANCIAL INSTITUTION
dc.subject
FINANCIAL INSTITUTIONS
dc.subject
FINANCIAL INTELLIGENCE
dc.subject
FINANCIAL INTERMEDIARIES
dc.subject
FINANCIAL MARKET
dc.subject
FINANCIAL PRODUCT
dc.subject
FINANCIAL RESOURCES
dc.subject
FINANCIAL SERVICE
dc.subject
FINANCIAL SERVICES
dc.subject
FINANCIAL SYSTEM
dc.subject
FINANCIAL SYSTEMS
dc.subject
FINANCIAL TRANSACTIONS
dc.subject
FRAUD
dc.subject
FUNCTIONALITY
dc.subject
FUNDS TRANSFERS
dc.subject
GLOBAL STANDARD
dc.subject
GUIDELINES FOR COMPANIES
dc.subject
ID
dc.subject
IDENTIFICATION CARDS
dc.subject
IDENTIFICATION SYSTEM
dc.subject
ILLICIT ACTIVITIES
dc.subject
ILLICIT ACTIVITY
dc.subject
INFORMATION SERVICES
dc.subject
INNOVATION
dc.subject
INNOVATIONS
dc.subject
INSPECTION
dc.subject
INSURANCE
dc.subject
INTERFACE
dc.subject
INTERFACES
dc.subject
INTERNAL CONTROLS
dc.subject
INTERNATIONAL BANK
dc.subject
INTERNATIONAL STANDARDS
dc.subject
INTERNATIONAL TELECOMMUNICATIONS
dc.subject
INTERNET BANKING
dc.subject
INTERNET DEVELOPMENT
dc.subject
INTERNET USERS
dc.subject
INTEROPERABILITY
dc.subject
JOINT VENTURE
dc.subject
LACK OF INTEROPERABILITY
dc.subject
LAW ENFORCEMENT
dc.subject
LAWS
dc.subject
LEGAL REGIME
dc.subject
LEGAL STATUS
dc.subject
LEGISLATION
dc.subject
LEVEL OF RISK
dc.subject
LICENSE
dc.subject
LICENSES
dc.subject
MAGNETIC STRIP
dc.subject
MARKET DEMAND
dc.subject
MARKET SEGMENTS
dc.subject
MARKET SHARE
dc.subject
MATERIAL
dc.subject
MEDIA
dc.subject
MOBILE BANK
dc.subject
MOBILE BANKING
dc.subject
MOBILE PHONE
dc.subject
MOBILE PHONE USERS
dc.subject
MOBILE PHONES
dc.subject
MOBILE TELEPHONE
dc.subject
MOBILE TELEPHONES
dc.subject
MOBILE USERS
dc.subject
MONETARY AUTHORITY
dc.subject
MONETARY INSTRUMENT
dc.subject
MONETARY INSTRUMENTS
dc.subject
MONEY LAUNDERING
dc.subject
MONEY TRANSFER
dc.subject
NETWORK ACCESS
dc.subject
NETWORKS
dc.subject
NEW TECHNOLOGIES
dc.subject
NONBANK FINANCIAL INSTITUTIONS
dc.subject
ONLINE BANKING
dc.subject
ONLINE BANKS
dc.subject
ONLINE FINANCIAL SERVICES
dc.subject
ONLINE FRAUD
dc.subject
ONLINE PAYMENT
dc.subject
ONLINE PAYMENTS
dc.subject
ONLINE SERVICES
dc.subject
ONLINE TRANSACTIONS
dc.subject
OPEN SYSTEM
dc.subject
PASSWORDS
dc.subject
PAYMENT METHOD
dc.subject
PAYMENT METHODS
dc.subject
PAYMENT PROVIDERS
dc.subject
PAYMENT SERVICE
dc.subject
PAYMENT SERVICES
dc.subject
PAYMENT SYSTEM
dc.subject
PAYMENT SYSTEMS
dc.subject
PEER TO PEER
dc.subject
PERSONAL INFORMATION
dc.subject
PHONE CARD
dc.subject
PHONE CARDS
dc.subject
PHONE NUMBER
dc.subject
PHYSICAL LOCATION
dc.subject
PHYSICAL PRESENCE
dc.subject
POINT OF SALE
dc.subject
PRIVATE SECTOR
dc.subject
PROFITABILITY
dc.subject
PUBLIC TRANSPORTATION
dc.subject
PUBLISHING
dc.subject
QUERIES
dc.subject
REDEMPTION
dc.subject
REGISTRIES
dc.subject
REGISTRY
dc.subject
RESULT
dc.subject
RESULTS
dc.subject
RISK ANALYSIS
dc.subject
RISK FACTOR
dc.subject
RISK FACTORS
dc.subject
SEARCH
dc.subject
SECURITIES
dc.subject
SECURITIES TRANSACTIONS
dc.subject
SECURITY CONTROLS
dc.subject
SECURITY MEASURES
dc.subject
SERVICE PROVIDER
dc.subject
SERVICE PROVIDERS
dc.subject
SETTLEMENT SYSTEMS
dc.subject
SMART CARD
dc.subject
SMURFING
dc.subject
STATISTICAL ANALYSIS
dc.subject
STOCK TRADING
dc.subject
SUBSIDIARY
dc.subject
SUPERVISION
dc.subject
SUSPICIOUS ACTIVITY
dc.subject
TECHNOLOGICAL ADVANCEMENT
dc.subject
TECHNOLOGICAL DEVELOPMENTS
dc.subject
TELECOM
dc.subject
TELECOMMUNICATIONS
dc.subject
TELEPHONE
dc.subject
TERRORISM
dc.subject
TERRORIST
dc.subject
TERRORIST ATTACK
dc.subject
TERRORIST GROUPS
dc.subject
TERRORISTS
dc.subject
THIEVES
dc.subject
TRACEABILITY
dc.subject
TRADITIONAL FINANCIAL INSTITUTIONS
dc.subject
TRADITIONAL PAYMENT
dc.subject
TRANSACTION
dc.subject
TRANSACTION COSTS
dc.subject
TRANSACTION SERVICES
dc.subject
TRANSFER OF OWNERSHIP
dc.subject
TRANSMISSION
dc.subject
TREASURY NOTES
dc.subject
UNAUTHORIZED ACCESS
dc.subject
USER
dc.subject
USERS
dc.subject
USES
dc.subject
VERIFICATION
dc.subject
WEBSITE
dc.subject
WEBSITES
dc.subject
WIRE TRANSFER
dc.subject
WIRE TRANSFERS
dc.subject
WIRELESS
dc.subject
WIRELESS NETWORKS
dc.title
New Technologies, New Risks? Innovation and Countering the Financing of Terrorism
en
okr.crosscuttingsolutionarea
Jobs
okr.date.disclosure
2010-04-20
okr.doctype
Publications & Research :: Publication
okr.doctype
Publications & Research :: Publication
okr.docurl
http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20100105024650
okr.globalpractice
Finance and Markets
okr.globalpractice
Transport and ICT
okr.globalpractice
Trade and Competitiveness
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/978-0-8213-8086-4
okr.identifier.externaldocumentum
000333038_20100105024650
okr.identifier.internaldocumentum
11602233
okr.identifier.report
51836
okr.language.supported
en
okr.pdfurl
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2010/01/05/000333038_20100105024650/Rendered/PDF/518360PUB0REPL101Official0Use0Only1.pdf
en
okr.topic
Private Sector Development :: E-Business
okr.topic
Technology Industry
okr.topic
Finance and Financial Sector Development :: E-Finance and E-Security
okr.topic
Finance and Financial Sector Development :: Banks & Banking Reform
okr.topic
Private Sector Development :: Emerging Markets
okr.topic
Industry
okr.unit
Consultative Group to Assist Poor
okr.volume
1 of 1

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