Afghan FIU disconnected from international network against money laundering and terrorist financing

The Financial Transactions and Reports Analysis Centre of Afghanistan (FinTRACA) from has been disconnected from the Egmont Secure Web (ESW) by the Egmont Group of Financial Intelligence Units (FIUs).

In a brief statement the Egmont Group said it disconnected the Afghan FIU on 15 August yet still “stands in solidarity with our colleagues at FinTRACA and hopes that they and their families are safe”.

FinTRACA’s website has been dismantled and there is little doubt that the FIU was engaged in investigations into illicit trading by the Taliban.

Drugs and mining

The UN reported that opium production and Taliban income from the narcotics trade increased dramatically in recent years due to an unprecedented development of areas under opium poppy cultivation in Afghanistan and the ability of the Taliban to effectively control all stages of production.

The Taliban also profit from illegal mining and extortion of the population in areas under their control, which further underpin its capacity to pay fighters the UN said.

Financial integration

FinTRACA aimed to make a significant contribution to the overall integrity of the Afghan financial environment and integrate it with the global financial system.

The main objective of FinTRACA, which was established in 2006, was to deny the use of the Afghan financial system to those who obtained funds as the result of illegal activity, and to those who would use it to support terrorist activities.


Categories: Trade Based Financial crimes News

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