Indonesia’s AML Watchdog Links Bitcoin to Islamic State

terrorism, IS

Indonesian authorities say they have evidence that Islamic State (IS) militants are using online money services such as PayPal and bitcoin to send money to domestic operatives.

Officials with Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK), an independent agency established in 2002 that enforces the country’s anti-money laundering (AML) laws, gave the remarks at a public hearing today centered on the agency’s performance in 2016.

There, Ivan Yustiavandana, director for examination and research at PPATK, said he believes the use of bitcoin is linked to the preference these groups have shown for technologically sophisticated payment methods.

As quoted by Singapore-based newspaper, The Straits Times, he said:

“Today we are talking about PayPal, bitcoins. Two to three years from now, we may talk about other means, new ways. The more sophisticated we are at getting them, the more they will try to look for new ways.”

PPATK chairman Kiagus Ahmad Badaruddin added that the agency believes terrorists are using the tools because it makes it “harder” for authorities to track the transaction.

Notably, the agency also reported that IS operative Bahrun Naim had been using these means of sending money to IS colleagues. Naim is the man the authorities believe is

Read more ... source: CoinDesk

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