This session will examine the legal, regulatory and operational implications of evolving terrorism designations, with a focus on the increasing convergence between anti-money laundering (AML), counter-terrorist financing (CTF) and sanctions regimes, as well as the expansion of ‘national security risk’ concepts in the context of organised crime. It will explore how these developments affect risk classification and exposure, prompting companies to reassess country, sectoral and counterparty risks in environments where criminal networks may be indirectly linked to sanctioned or high-risk activities. The discussion will also address operational and financial system impacts, including potential spillover effects on banking relationships, access to credit, trade finance, insurance coverage and cross-border transactions driven by heightened risk sensitivity among financial institutions and global partners.