Violent extremists are increasingly turning to virtual currency for fundraising, according to Canada’s financial intelligence unit.
Article by Isaac Teo from our partners at The Epoch Times.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) issued a special bulletin Tuesday, warning that ideologically-motivated violent extremist (IMVE) groups are switching to virtual currency to raise funds after facing obstruction from online platforms.
As online crowdfunding platforms and social media sites have cracked down on these groups in recent years, they’ve turned to alternative, smaller outlets and have encouraged their followers to send them money via mail, cheques, or money orders, which aren’t as easily detected, the centre said.
“IMVE threat actors have also increasingly turned to virtual currencies for fundraising,” the bulletin said, adding that they mainly use the virtual currency donations to fund their propaganda and recruitment efforts.
To date, virtual currency is not considered a legal tender in Canada.
In February, the Canadian government added four groups it deems as IMVE to its list of terror groups: Atomwaffen Division, the Base, the Proud Boys, and Russian Imperial Movement.
The government also listed three al-Qaeda affiliates Jama’at Nusrat Al-Islam Wal-Muslimin, Front de Libération du Macina, and Ansar Dine; five Daesh affiliates Islamic State West Africa Province, Islamic State in the Greater Sahara, Islamic State in Libya, Islamic State East Asia, and Islamic State-Bangladesh; and Hizbul Mujahideen into its Criminal Code list of terrorist entities.
FINTRAC said firms mandated to report suspicious transaction activity, which include banks, security dealers, and money service businesses, should be aware of these groups and their financing behavior.
Most funds were sent to pay for membership fees, purchase merchandise and gear, and make donations to overseas IMVE groups they support.
“While these transactions tended to be small, recurring transfers to multiple nodes of the same international network in different countries, they totalled significant amounts,” the centre said, noting that “Canadians were most often senders, not recipients, of funds.”
As for Canadian-based IMVE groups, they used personal and business accounts to purchase firearms and gear among other things, FINTRAC said. Personal accounts tend to be of smaller amounts and rely largely on electronic money transfers and cash deposits. Business accounts, on the other hand, raise larger amounts under the guise of legitimate business transactions.
“FINTRAC is aware of the growing use of virtual currencies by IMVE threat actors to send and receive funds. However, the individuals conducting transactions with someone in the network of IMVE threat actors were not always an IMVE threat actor themselves,” said the bulletin.
The centre also highlighted so-called lone actors who attempt to execute attacks themselves without any of their family members or friends awareness.
“[L]one actors may be difficult to identify through transactions patterns or financial activity alone,” FINTRAC said, because they primarily use their employment income or those received from family members to carry out their attacks.
New Conservative Network Seeks Crowdfunding Help
They say we have to go big or go home. We’re trying to go big and bring the patriotic truth the the nation, but we need help.
Readers may or may not realize that over the past year, we’ve been bringing more conservative news and opinion outlets under our wing. Don’t take our expansion as a sign of riches; all of the “acquisitions” have been through sweat and promises of greater things to come for all involved. As a result, we’ve been able to bring together several independent media sites under a unified vision of preventing America from succumbing to the progressive, “woke,” Neo-Marxist ideologies that are spreading like wildfire across America.
The slow and steady reopening of America is revealing there was a lot more economic hardship brought about from the Covd-19 lockdowns than most realize. While we continue to hope advertising dollars on the sites go up, it’s simply not enough to do things the right way. We are currently experiencing a gap between revenue and expenses that cannot be overcome by click-ads and MyPillow promos alone (promo code “NOQ” by the way).
To overcome our revenue gap and keep these sites running, our needs fluctuate between $3000-$7000 per month. In other words, we’re in the red and hemorrhaging.
The best way you can help us grow and continue to bring the truth to the people is by donating. We appreciate everything, whether a dollar or $10,000. Anything brings us closer to a point of stability when we can hire writers, editors, and support staff to make the America First message louder. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal as well.
As the world spirals towards radical progressivism, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report and the other sites in the network going.
Thank you and God Bless,
Promo for Mike Lindell's New Daily Show
All ORIGINAL content on this site is © 2021 NOQ Report. All REPUBLISHED content has received direct or implied permission for reproduction.
With that said, our content may be reproduced and distributed as long as it has a link to the original source and the author is credited prominently. We don’t mind you using our content as long as you help out by giving us credit with a prominent link. If you feel like giving us a tip for the content, we will not object!
JD Rucker – EIC