Published: 18th Nov, 2022
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What is Terror Financing?
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Context
The Third ‘No Money for Terror (NMFT)’ conference is being held in Indiafrom November 18-19 in New Delhi.
About
About the Conference:
- Type: Ministerial Conference
- Aim: to create platform for international discussions on countering terror financing.
- Organised by: Financial Intelligence Units (FIUs) of over 100 countries, jointly called The Egmont Group.
- The Egmont Group was created to provide FIUs around the world a forum to exchange information confidentially to combat money-laundering, the financing of terrorism and other predicate offences.
- The inaugural edition of this conference was held in Paris, France, in 2018. The second edition of the NMFT took place in Melbourne, Australia, in 2019.
Points to be in focus for third edition:
- The representatives of about 75 countries are going to attend the event.
- The major topics to be discussed at the conference spanning four sessions are;
- Global trends in terrorism and terrorist financing;
- Use of formal and informal channels for terrorism;
- Emerging technologies and terrorist financing; and
- International cooperation to address challenges in combating terrorist financing.
- It aims to set pace for other high-level official and political discussions focusing on terror finance.
- Concerns highlighted:
- The terrorists and extremists have improvised on technologies like cryptocurrency and crowdfunding by customising them to suit their requirements.
- They are also using the dark web to bring together professional hackers and terrorists seeking to transfer or crowdsource funds, and the anonymous, decentralised, and often untraceable nature of terror financing through various means.
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