Combating Terrorism Financing Through Effective Risk Management of Alternative Remittance Systems In today's interconnected world, alternative remittance systems (ARS) play a crucial role in facilitating financial transactions, particularly in developing economies. However, these systems can also be vulnerable to abuse by terrorist financiers. This working paper provides a comprehensive analysis of the risks associated with ARS and offers practical strategies for mitigating these risks. This paper is for government officials, financial regulators, and law enforcement agencies seeking to strengthen their counter-terrorism financing efforts. It offers insights into: - Understanding the anatomy of ARS and their vulnerabilities. - Developing effective risk mitigation measures. - Balancing security concerns with the need to maintain financial inclusion. - Improving international cooperation in combating terrorist financing. Gain a deeper understanding of the challenges and opportunities in regulating ARS and protecting financial systems from abuse.