What is the International Convention for the Suppression of the Financing of Terrorism (FTT)?
The International Convention for the Suppression of the Financing of Terrorism (FTT) is an international agreement that was created to stop the use of funds and resources to support or carry out terrorist activities. This Convention was adopted by the United Nations General Assembly in December 1999 and entered into force on 10 April 2002. The FTT obliges signatory countries to criminalize the financing of terrorism and to take steps to prevent such financing. It also requires signatory countries to cooperate with one another in the investigation, prosecution, and extradition of terrorists who are accused of financing terrorist activities. In Georgia, the FTT is enforced through a legal framework that was approved by the Parliament of Georgia in December 2005. The law also obligates Georgian entities, such as banks and other financial institutions, to report suspicious transactions to the appropriate enforcement authorities. The FTT has been a successful tool in combating terrorist financing and it has been useful for Georgia in its efforts to prevent and suppress the financing of terrorist activities. The FTT also encourages financial institutions to be more aware of their customers and to be vigilant in monitoring financial transactions.
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