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Crowdfunding, virtual assets seen as emerging terror financing threats
The FRC says that crowdfunding through social media is manifesting itself as an emerging threat to terrorism financing, enabling money to be raised through donations or investments from multiple individuals.
The Financial Reporting Centre (FRC) has sounded an alarm over the emergence of social media crowdfunding and the use of virtual assets as new terrorism financing risks, at a time Kenya is fighting to shake off a grey-listing by a global anti-money laundering watchdog last year.
In its latest assessment of Kenya’s exposure and preparedness to fight dirty cash, the FRC observes that terrorists have embraced the use of social media platforms to mobilise for funding, as well as gravitated towards virtual assets to conduct undetectable financial transactions.
