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Third edition of the ‘No Money For Terror’ conference to be hosted by India

  • Published
    16th Nov, 2022
Context

The Third ‘No Money for Terror (NMFT)’ conference is going to be held in India from November 18-19 in New Delhi.

About

About the Conference:

  • Type: Ministerial Conference
  • Aim: to create a platform for international discussions on countering terror financing.
  • Organized by: Financial Intelligence Units (FIUs) of over 100 countries, jointly called The Egmont Group.

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.
  • Concerns highlighted:
    • 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.

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