Likewise, Twitter said in September that it had suspended close to 300,000 accounts for promoting extremism in the first half of 2017, of which 95 percent were flagged by its automated system.
Despite these moves, experts say both social media firms and authorities need to step up their efforts, including ensuring greater collaboration and regulation.
“There is … some uncertainty if the counter-terrorist financing provisions [for financial institutions] apply to payments made via social media platforms,” especially in the case of reporting obligations for suspicious transactions in the U.K., Ryder said.
“The position is even more complicated for virtual currencies, which are currently not regulated under the United Kingdom’s anti-money laundering or [sic] counter-terrorist financing provisions,” he added.
Governments will likely impose more reporting obligations on social media firms in the fight against terror financing, according to Ryder.
Fundraising through social media is an emerging terrorist financing risk, but traditional methods like bank transfers, remittances and cash remain key avenues of funding, according to a report by intergovernmental organization the Financial Action Task Force.
The terror financing scandal has ensnared big tech players like Facebook, Twitter, Youtube, Instagram and Snapchat. Radical groups — including IS and Al-Qaeda — have used those platforms to promote propaganda and solicit funding, according to a 2016 report by advisory firm the Camstoll Group.
