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Securitising money to counter terrorist finance : some unintended consequences for developing economies

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Vlcek_2015_ISP_SecuritisingMoney_AM.pdf (332.1Kb)
Date
01/11/2015
Author
Vlcek, William
Keywords
Terrorist finance
Securitisation
Development
HV Social pathology. Social and public welfare
HG Finance
BDC
R2C
Metadata
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Abstract
With its roots in the “war on drugs” and the criminalization of money laundering, the global initiative to combat the financing of terrorism (CFT) provides one strategy for preventing and preempting terrorist attacks. In public pronouncements, terrorist finance was named the “lifeblood” and “oxygen” for terrorism itself, thus displaying an analogy suggesting that its mere removal could bring an end to terrorism. Following the theoretical perspective of the Copenhagen School of security studies, this paper argues that national and international measures against terrorist finance constitute the “securitization” of money. By situating money as the essential component to an existential threat, it was possible to justify extraordinary measures to monitor financial transactions. These measures produced unintended consequences prompting resistance and an evolution of procedures to reduce those consequences. This paper considers two affected areas (migrant remittances and financial inclusion) and points to the potential use of financial surveillance against grand corruption.
Citation
Vlcek , W 2015 , ' Securitising money to counter terrorist finance : some unintended consequences for developing economies ' , International Studies Perspectives , vol. 16 , no. 4 , pp. 406 - 422 . https://doi.org/10.1111/insp.12068
Publication
International Studies Perspectives
Status
Peer reviewed
DOI
https://doi.org/10.1111/insp.12068
ISSN
1528-3577
Type
Journal article
Rights
© 2013 International Studies Association. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving (http://olabout.wiley.com/WileyCDA/Section/id-820227.html#terms). This is the author created, accepted version manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at https://dx.doi.org/10.1111/insp.12068
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  • University of St Andrews Research
URI
http://hdl.handle.net/10023/8003

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