To battle terrorism funding, Australia strengthens rules vs stored value cards, to regulate Bitcoins

With Islamic terrorism having reached Australia a few years ago, Australian Justice Minister Michael Keenan says Canberra would strengthen the regulation of stored value cards to crackdown on terrorism funding. The stronger rules is the result of discovery by French authorities that in the 2015 Paris attacks, jihadists used prepaid money cards.

Keenan shared Australia’s reforms in its financial system as recommended after a review of the country’s anti-money laundering and counter-terrorism financing laws at a summit in Bali, Indonesia on Wednesday. Even before the rise of the Islamic State, Australia had prosecuted 21 people since 2006 and convicted seven people for funding terrorism, reports Sydney Morning Herald.

Australia is investing another 190, mostly youth, for supporting foreign fighters in Iraq or Syria or planning to go to these two Middle Eastern countries to take part in the jihad. Reports estimate there are 110 Australians, about 600 Indonesians and 70 Malaysians who have joined the Syria-Iraq conflict.

According to French Finance Minister Michel Sapin, the terrorists behind the Paris attacks used prepaid money cards with small amounts to make it hard for authorities to track their spending and movement.

Also as part of Australia’s counter-terrorism measures, AUSTRAC, the country’s financial intelligence agency, called for the regulation of Bitcoins. A 2014 report by the agency, warned, “Terrorist groups engaged in radicalisation, recruitment and communication online (such as through social media) are a particularly high risk of using online payments systems and digital currencies.”

VIDEO: Debit Cards, Prepaid Cards and Stored Value Cards

Source: CreditNowUSA