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 between states that sets out measures to disrupt the flow of funds for acts of terrorism. It is a conventional form of international law and its principal objective is to ensure the effective control of terrorist activities worldwide. FTT was adopted in 1999 by the United Nations General Assembly and came into force in 2002. The convention has three main components. Firstly, it requires states to make criminal the financing of international terrorism. It does this by creating a legal framework for criminalizing specific acts that may contribute to terrorist activities. Secondly, it requires states to establish measures and procedures to identify and freeze terrorist funds. Thirdly, it calls on states to cooperate with each other in the investigation and prosecution of terrorism financing. In Oregon, the Terrorist Financing Suppression Act was signed into law in 2010 and effectively implements the provisions of FTT. The Act prohibits the provision of financial assistance or services to persons whom the US government designates as terrorists. Furthermore, it requires financial institutions to develop and maintain systems to identify and report suspicious activities related to terrorism and to report them to the appropriate government agency.

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