Insight Monitor Dispatches
February 2025
The recent vehicle attack in Munich that injured dozens of people happened just miles from the No Money for Terror conference—an ironic reminder that counterterrorist financing (CTF) remains an underused tool in preventing these kinds of attacks.
CTF works by reducing the amount of money available for terrorism (attacks or group financing) and by making terrorist goods (explosives, weapons) more expensive. This means it's harder for groups to finance attacks directly and harder for individual attackers to conduct large-scale attacks.
While CTF is often seen as a way to choke off funding for large terrorist networks, it also plays a role in disrupting lone actors by increasing the costs of terrorism and making key resources—like weapons or vehicles—more expensive and harder to access.
Even in low-cost attacks, financial patterns emerge. Attackers often spend weeks or months preparing, renting or purchasing vehicles, buying specific gear, and conducting reconnaissance. Financial red flags—settling debts, closing accounts, or making unusual purchases—can signal intent. But spotting these indicators requires proactive financial intelligence and better use of the tools already available.
The reality is that most states are not leveraging CTF to its full potential. By failing to exploit financial intelligence systematically, we miss opportunities to detect, disrupt, and deter terrorist activity before it turns into an attack.
But speaking of counterterrorism success, our recent Insight Monitor article looks at what might be a success story: ISIL Sinai. Check it out to learn how this group was countered, and the role that CTF played:
Podcast Updates
We released a new episode of Secure Line last week, featuring Michelle Tessier, the former Deputy Director of Operations for the Canadian Security Intelligence Service. Check it out to get an insider’s view on the security threats facing Canada! (Available on all major platforms, including YouTube and Spotify.)
I also recently joined my friends at RUSI Centre for Finance and Security on their podcast the Suspicious Transaction Report to talk Canada-US tariff war, financial crime in Canada, and the real situation with fentanyl in Canada. Have a listen!
Important Reads
Our friends over at TRM Labs released their 2025 Crypto Crime report. This is an important read for anyone working in the illicit finance and global security space. There are lots of great insights, but I was particularly taken with the chart on what jurisdictions are home to the most illicit crypto transactions. Let’s just say I was pretty surprised to find Canada in the top ten, along with the likes of Iran and North Korea. Check it out here.
Training Opportunity
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