Among the topics discussed at the terror funding meeting are the use of the dark web and crowdfunding
A ministerial conference on countering terrorist financing, scheduled for later this week in New Delhi, will discuss key issues with representatives of 75 other countries and global organizations. In addition to the use of virtual assets and crowdfunding platforms by terrorist entities, the use of the dark web, the link between terror financing and legitimate economic activities, and payment intermediaries, the conference will also address the use of virtual assets and crowdfunding platforms.
On November 18 and 19, the Ministry of Home Affairs will host the Third Ministerial ‘No Money for Terror’ Conference. Prime Minister Narendra Modi will inaugurate the conference, and Union Home Minister Amit Shah is expected to attend.
The Government has prepared a draft agenda for the conference, according to The Deccan Era.
In addition to discussing the misuse of non-profit organizations and non-financial businesses and professions in terror financing, the Indian government plans to discuss terror financing through the Money Transfers Service Scheme and hawala networks, according to sources. It is also anticipated that India’s discussion will focus on the challenges investigators face when investigating terror financing crimes, the sharing of information among financial intelligence units, and recent trends to combat terror financing and money laundering risks.
The spokesperson for the Home Ministry stated, “This conference will advance the discussions on countering terrorist financing held by the international community in the previous two (NMFT) conferences in Paris (in 2018) and Melbourne (in 2019). A number of topics will be discussed at the third NMFT conference, including global trends in terrorism and terrorist financing, the use of formal and informal funding channels for terrorism, emerging technologies and terrorist financing, as well as international cooperation that is required to address these issues.
Several years have passed since countries around the world have been affected by terrorism and militancy. Over the past three decades, India has been affected by several forms of terrorism and its financing. In this way, it is able to understand the pain and trauma experienced by similar nations. The Indian government hosted two global events in October — the annual General Assembly of Interpol held in Delhi, and a special session of the UN Counter-Terrorism Committee held in Mumbai and Delhi — in order to show solidarity with peace-loving nations and to help establish a bridge for sustained cooperation in countering terrorist financing. The NMFT conference will contribute to our efforts to promote understanding and cooperation among nations, according to a spokesperson for the MHA.
In a meeting of the UN Security Council’s Counterterrorism Committee held last month, a key concern was the threat posed by using cryptocurrency by terrorist organizations to fund their activities. As part of the Delhi Declaration, member states were encouraged to “consider and assess the risks associated with prepaid cards, virtual assets and crowdfunding platforms, implement risk-based anti-money laundering and counter-terrorist financing regulations, monitor, and supervise providers of these services”. A member state was requested to enhance the traceability and transparency of financial transactions in the declaration, which acknowledged the “essential” role played by the Financial Action Task Force (FATF).