Corporations And Global Terrorism: A Closer Look
The Involvement Of Corporations In Terrorism Financing Can Be Attributed To Several Factors. One Reason Is The Lack Of Diligence In Monitoring Financial Activities, Which Can Lead To Unwitting Involvement In Money Laundering For Terrorists. Additionally, Some Corporations May Be Part Of Global Supply Chains That Provide Resources, Such As Weapons And Technology, Which Can Be Diverted For Terrorist Purposes. Weaknesses In Supply Chain Security Can Allow Terrorists To Access These Resources.
Terrorism, Banditry, Militancy, Inter-Ethnic Wars, And Religious Extremism Are Posing Increasing Challenges Globally. The Institute For Economics And Peace (IEP) Reported That Terrorist Attacks Became More Deadly In 2022, With An Average Of 1.7 People Killed Per Attack, Compared To 1.3 Deaths Per Attack In 2021. The Report Also Highlighted The Involvement Of Terrorist Groups In Abductions, Hostages, Injuries, Destruction Of Properties, And Displacement Of Communities.
The Global Terrorism Index (GTI) Identified Islamic State (IS) And Its Affiliates, Al-Shabaab, Balochistan Liberation Army (BLA), And Jamaat Nusrat Al-Islam Wal Muslimeen (JNIM), As Some Of The Deadliest Terrorist Groups In 2022. These Groups Often Require Funds To Finance Their Activities, And They Exploit Various Sources, Including The Illicit Mining Of Natural Resources And Illegal Financial Transactions Through Corporate Entities.
In Sierra Leone, Illicit Diamond Mining Played A Significant Role In Financing Rebel Groups During The Civil War. Similarly, In Nigeria, Crude Oil Extraction And Illicit Gold Mining Have Been Identified As Sources Of Funding For Insurgencies, Contributing To Insecurity In The Country.
Recent Cases Have Also Highlighted The Involvement Of Corporations In Terrorism Enablement. For Instance, Technology Companies, Including Africa’s Telecoms Giant, MTN Group, Were Reported To Be Facing Prosecution For Alleged Business Relationships With A Terrorist Organisation. The US District Court Allowed For The Trial Of MTN Group In Connection With International Terrorism Financing, Based On Allegations Of Business Ties With A Terror Organisation.
The Impact Of Terrorism Enablement On Society Is Significant, Particularly For Corporations In Critical Infrastructure Sectors. Vulnerability To Attacks, Cybersecurity Weaknesses, And The Inadvertent Provision Of Tools Or Platforms Used By Terrorists Are Some Of The Challenges Faced By Corporations Operating In Regions With Significant Terrorist Presence.
To Mitigate The Risk Of Being Caught In The Web Of Terrorism Enablement, Corporations Need To Implement Robust Due Diligence, Compliance, And Risk Management Measures. This Includes Scrutinising Financial Transactions, Securing Supply Chains, Enhancing Cybersecurity, Promoting Ethical Business Practices, And Collaborating With Law Enforcement And Intelligence Agencies.
In Conclusion, The Involvement Of Corporations In Terrorism Financing Poses Serious Challenges Globally. It Is Imperative For Corporations To Take Proactive Measures To Prevent Unwitting Support For Terrorism And To Safeguard Their Reputations And Brand Names.
By Ismail Olalere