Keenan, who is also the minister assisting the Australian prime minister in counter-terrorism, announced the establishment of the Southeast Asia Counter Terrorism Financing Working Group (SEA CTFWG) at the Counter-Terrorism Financing (CTF) Summit organised by Bank Negara Malaysia today.
“The stability and security of Southeast Asia is of critical importance to Australia, and the coalition government is committed to defeating the threat posed by terrorist groups, including the Islamic State (IS), in the region,” he told the summit which was launched by Deputy Prime Minister Ahmad Zahid Hamidi.
In his media release, Keenan said the SEA CTFWG would directly target and disrupt the funding lifeline of terrorist groups by among others, preventing their use of the international financial system focusing on regional threats and issues, countering extortion and exploitation of economic assets, resources and the regional population, denying Southeast Asian terrorism funding from abroad and preventing groups from providing financial or material support to IS and other terrorist groups, and their affiliates.
He said the SEA CTFWG would be co-led by Australia’s financial intelligence agency and regulator, Australian Transaction Reports and Analysis Centre (Austrac), and the Philippine Anti-Money Laundering Council.
It will be made up of Asean financial intelligence units currently operating under the CTF Summit banner.
Representatives from across the region have endorsed this initiative, Keenan added.
He said the establishment of SEA CTFWG represented the first investment from the Australian government’s three-year, US$3.4 million package to support Austrac and its partners as they fought to cut off IS and other extremist organisations in Southeast Asia.
“The SEA CTFWG will coordinate sharing information among financial intelligence units and other regional agencies that have a role in counter-terrorism financing.
“Collectively, intelligence generated through this initiative will provide regional authorities and industry partners with greater insight into the movement and tracking of funds to protect our community and harden our financial system from the threat of terrorism financing,” he added.
Bank Negara Malaysia is hosting the third Counter-Terrorism Financing Summit, in partnership with Australia and Indonesia’s financial intelligence agencies.
The four-day summit which started on Monday gathers more than 350 specialists and professionals from international organisations to share their insight on the latest terrorism financing issues and developments.