Recognizing the importance of international cooperation in the fight against money laundering and financing of terrorism, a group of FIUs met a few years ago at the Egmont Arenberg Palace in Brussels, Belgium, and decided to establish an informal network of FIUs for the stimulation of international co-operation.
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 offenses.
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 the 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 the pace for other high-level official and political discussions focusing on terror finance.
Terrorists and extremists have improvised on technologies like cryptocurrency and crowdfunding by customizing 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, decentralized, and often untraceable nature of terror financing through various means.
What is Terror Financing?
Terrorist financing encompasses the means and methods used by terrorist organizations to finance their activities.
This money can come from legitimate sources, for example from profits from businesses and charitable organizations.
But terrorist groups can also get their financing from illegal activities such as trafficking in weapons, drugs, or people, or kidnapping for ransom.
Nations like Pakistan have stated the policy of supporting cross-border terrorism in India through global funding.
What hinders the global consensus?
No definition of terrorism: There is no universal agreement over what constitutes terrorism. This weakens efforts to formulate a concerted global response.
Non-enforcement: Multilateral action suffers from inadequate compliance and enforcement of existing instruments.
No global watchdog: Counter-terrorism regime lacks a central global body dedicated to terrorist prevention and response.
Other mechanisms to curb terror financing:
Financial Action Task Force: FATF is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.
It makes recommendations for combating financial crime, reviews members’ policies and procedures, and seeks to increase the acceptance of anti-money laundering regulations across the globe.
Polity & Governance
SC issues notice to HCs over 'Gram Nyayalayas'
The Gram Nyayalayas Act, 2008, provided for “Gram Nyayalayas” at the grassroots level for providing access to speedy and affordable justice to citizens at the doorstep and to ensure that opportunities for securing justice were not denied to anyone on account of social, economic or other disabilities.
sections 5 and 6 of the Act say the state, in consultation with the HCs, will appoint a ‘Nyayadhikari’ for each ‘Gram Nyayalaya’
Metal-munching microbes help the rare, toxic element tellurium circulate in the environment
In a recent study, metal-munching microbes have been found to help this tellurium through the environment.
Tellurium is a semimetallic, lustrous, crystalline, brittle, silver-white element.
It has the properties both of metals and non-metals.
Tellurium is as rare as gold in Earth’s crust. It is present in the Earth’s crust only in about 0.001 parts per million.
Tellurium minerals include calaverite, sylvanite, and tellurite.
It is very toxic and teratogenic (disturbs the development of an embryo or fetus).
It is an element found in an increasing number of solar panels.
The silvery substance was discovered only in 1783.
"In our LiFEtime" Campaign launched by India
The National Museum of Natural History (NMNH), under the Ministry of Environment Forest and Climate Change and the United Nations Development Programme (UNDP), jointly launched the “In Our LiFEtime” campaign.
Aim: To encourage youth between the ages of 18 to 23 years to become message bearers of sustainable lifestyles.
The campaign gives a global call for ideas from youth across the world who are passionate about living environmentally conscious lives.
Science & Technology
NASA launches uncrewed Artemis 1 moon rocket after 2 failed attempts
After two failed attempts, NASA launched its Artemis 1-moon rocket.
The 32-story Space Launch System rocket surged off the launch pad from the Kennedy Space Center to send its Orion capsule on a three-week test journey around the moon and back without astronauts aboard.
Artemis 1 is a test flight of the 322-foot (98-meter) Space Launch System rocket and the Orion crew capsule that sits on top.