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 to prevent terrorism by curbing the resources that are used to finance terrorist activities. First established in 1999, the FTT became legally binding in 2002 when it was adopted by the United Nations Security Council. The Convention is based on the principle that any group or individual that finances terrorism should be held criminally responsible for their actions. At its core, the FTT requires all signatory states to criminalize the intentional financing of any form of terrorist activity. This includes activities such as providing funds, services, weapons, or any other type of material support to terrorists. The FTT also stipulates that all signatory states must enact measures to freeze and confiscate assets in cases of alleged terrorist financing. South Carolina is a signatory of the International Convention for the Suppression of the Financing of Terrorism (FTT). Under this agreement, the state has adopted measures such as criminalizing the financing of terrorism, freezing suspicious financial transactions, and confiscating the assets of those suspected of financing terrorist activities. South Carolina also participates in the Financial Action Task Force (FATF) which monitors states’ compliance with the FTT. In summary, the International Convention for the Suppression of the Financing of Terrorism (FTT) is an international agreement that requires signatory states to criminalize the financing of terrorist activities and take measures to freeze and confiscate assets in cases of suspected terrorist financing. South Carolina is one of the signatory states of the FTT and is therefore required to comply with its restrictions.

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