The Luxembourg Financial Sector Supervisory Commission (CSSF) has called on the financial sector and the general public in the grand duchy to “exercise particular vigilance” in preventing funds from being transferred to terrorist groups in the Middle East.
The CSSF on 25 October to an Israeli Ministry of Justice which said that financial institutions and individuals wishing to support worthy charities should “increase their vigilance towards terrorist financing attempts in light of the ongoing war and state of emergency.”
“Special attention must be paid towards financial activity whose purpose is to finance and support terrorist activity and to assist terrorist organisations, particularly Hamas and the Palestinian Islamic Jihad,” the Israeli government said.
The EU, UK and US have designated Hamas and Palestinian Islamic Jihad as terrorist organisations.
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The Israeli warning stated: “Based on our experience, activities of this kind will often appear under the guise of fundraising campaigns for humanitarian aid and be led by various associations and charities or private initiatives. Such campaigns will be published in various media, on crowdfunding sites, instant messaging applications and on the various social media networks, using a variety of channels and avenues for transferring money, including bank and electronic transfers, credit cards, advanced payment methods, gift cards and cryptocurrency. These publications are mostly made in Arabic and English, and may refer to the Gaza Strip, to the fighting in Gaza, and sometimes include the involvement of declared parties or feature symbols of the Hamas or the Palestinian Islamic Jihad organization. Examples and evidence of this kind of activity are already occurring and are expected to increase as the war continues.”
Financial firms should report “potential terror support and terror financing activities” to regulatory authorities.
Several legitimate charities--such as , , the , and --are supporting relief efforts in Gaza. Also, on 25 October, Luxembourg’s government said it would provide €2.5m in additional humanitarian aid in Gaza and the surrounding region.