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This study aims to evaluate the suspicious transaction reporting (STR) as a financial intelligence tool to identify the potential strengths and limitations of STR and to come up with the criteria, which will make this tool an effective one in early detection of terrorist financing activities.

Considering the research aim, this research uses the funnelling method for identifying effectiveness criteria. Funnelling is a method of literature review that helps find pertinent literature by refining the search through filtering the available research (Ridley, 2008). Using this method, the researcher first applied the criteria of actionable intelligence to filter the financial intelligence tools to select the most promising and important tool (suspicious transaction reporting) for early detection of terrorist financing activities. The funnelling method was also applied to derive the effectiveness criteria from the operational features, and corresponding limitations, of the suspicious transaction reporting system. The funnelling method was also used to identify those operational features and limitations of suspicious transaction reporting that have the most direct relevance to the early detection problem of suspicious transaction reporting.

There are some operational features of STR that give rise to certain limitations that undermine its effectiveness in terms of early detection of terrorist financing activities. The limitations of STR necessitate a search for criteria that will make STR effective in early detection of terrorist financing activities. Based on the operational features and their corresponding limitations, effectiveness criteria for STR have been derived in this study. It is shown how these effectiveness criteria can remove the limitations of STR.

The list of operational features and the corresponding limitations based on which the effectiveness criteria have been derived may not be exhaustive. There may have other operational features, and corresponding limitations that also make STR largely ineffective in the early detection of terrorist financing activities, and for which more effectiveness criteria should also be derived.

The limitations and the effectiveness criteria will pave the way for redesigning STR in such a way that will make it highly useful for detecting financing activities relating to imminent terrorist attacks.

The society will experience fewer terrorist attacks that will make the society peaceful, happy and vibrant.

In this study, the effectiveness criteria of STR for early detection of terrorist financing activities have been derived in an innovative way by deducing them from the operational features of STR and the corresponding limitations.

The selves of individuals abhor vacuums and find themselves constituting identities with which to fill them. Such identities are either conferred by others or chosen by the agents themselves and cultivated and processed and presented. The processing of identities is best described by using Kenneth Burke's dramatistic grammar. He asked, “What is involved when we ask what a man is doing and why he is doing it?” and he answered that the individual will be performing an act as an agent by using one agency or another in defined scenes while displaying one attitude or another, in order to fulfill one purpose or another. In the current essay, these Burkean arguments are applied to the constitution; the processing (that is, choosing one among the multiple identities that an agent bears); and the performing of an identity. It is claimed that identities are constituted in one way or another and performed by processing them according to the Burkean grammar. Identities are not ways of being but ways of doing, by taking one road rather than another.