He assured stakeholders that both Caricom and it’s global partners are taking all measures to maximise their fight against global terror networks.
Joseph was speaking yesterday on day two of the Caribbean Fraud Conference which focused on issues of terror-financing and cyber crime.
He said the threat of international terrorism has far-reaching consequences and called on private sector institutions to partner with intelligence agencies in monitoring the flow of cash between suspected terror networks.
“All terror groups share the common interest that they need money in order to operate,” Joseph said.
“Even the simplest attacks require some level of finance and coordination and that is why it is important that we focus, not only on dealing with a terrorist act but, on the preparation that goes into committing the act.” Joseph said global terrorism is everyone’s business as tracing financial transactions between suspected terror cells is especially difficult in the age of social media, as extremists can mask their intentions and obtain cash for their activities.
“Crowd-funding schemes have really changed the game as far as international monitoring is concerned.
Whats more, terrorists often pose as people in need of surgery or some operation and this is how they obtain their cash.” Also covered at the event was the illicit gaming industry in this country and the role of such activities in drug trafficking and money laundering.
Director of the Financial Intelligence Unit Nigel Stoddard said while casinos are illegal, there are over 70 different private members clubs which are not monitored by government. He said a revision of existing legislation was needed in order to better treat with illegal transactions, citing the gaming industry’s growth in recent years.