18 Nov 2022 No Money for Terror (NMFT) Conference
Significance for Prelims: No Money for Terror (NMFT) Conference
Significance for Mains: Money Laundering and associated issues
News: Prime Minister Narendra Modi will inaugurate the Third No Money for Terror (NMFT) Conference on November 18-19 in India. The conference will take up ways to combat global terrorist financing.
About the No Money for Terror conference(NMFT):
- It started in 2018 as an initiative of the French government.
- The necessity for the NMFT conference: (a) To curb increasing terrorist financing after the 9/11 attacks. (b) Territorial defeats of Islamic State and Al Qaeda in Syria-Iraq and Afghanistan did not deter them to stop their terrorist activities.
- The seriousness of the NMFT Conference can be seen from the 2018 event that was titled “International conference on combating the financing of Daesh and Al-Qaeda (Paris, 25-26 April 2018)”.
Outcome of NMFT conference, 2018: Delegations of around 70 countries and 20 agency leaders participated in France.
- Fully criminalising terrorism financing even without a link to a specific terrorist act.
- Increasing traceability and transparency of financial flows.
- Development of proper frameworks to tackle risks associated with cash use, informal remittance systems such as hawala, prepaid cards, and anonymous means of payments,
- Promotion of digital transactions in international transactions.
- Commitment to implementing the FATF standards also in the case of crypto-assets.
- The conference urged the FATF to advance global implementation of its standards to stop the misuse of new financial instruments.
- Implementation of FATF standards relating to non-profit organisations for traceability and transparency of non-profit organisations (NPOs) and charitable funds without disrupting the activities of civil society.
- Effective implementation of UN sanctions, and cooperation on intelligence sharing.
- Capacity building of countries to fully adhere to FATF standards.
NMFT conference, 2019: In this conference,65 delegations, including 23 Ministers and representatives from 15 international bodies participated in Australia
- Identification of new channels for terrorist financing such as “kidnapping for ransom” and “emerging technologies” such as digital and cryptocurrencies, stored value cards, online payment systems and crowdfunding platforms.
- It recognised that the private sector has a critical role in detecting and preventing the misuse of financial systems by terrorists.
- The conference flagged the need for monitoring of NPOs.
Agenda for NMFT 2022 conference: It is largely a build-up on recent concerns raised during the Interpol Conference and UN General Assembly’s Counter-Terrorism Committee Conference held in Delhi.
- Use of virtual assets and crowdfunding platforms by terrorist entities,
- Use of the dark web for terrorist financing.
- The links between terror financing and legitimate economic activities, and payment intermediaries.
- Misuse of non-profit organisations and non-financial businesses and professions in terror financing.
- Financing through the Money Transfer Service Scheme and hawala networks.
Indian experiences with respect to the No Money for Terror (NMFT) conferences:
- India articulated its “zero tolerance approach” towards terrorism.
- It tries to attract the attention of the global community towards the cross-border terrorism from Pakistan.
- In the 2019 conference, India called for a “united global effort against all those who support terror or help generate finances for terror”.
- India pointed out the usage of social media sites by terror groups. Hence, undermining any ban placed by the United Nations (UN).
- Nations were told to expedite the Comprehensive Convention on International Terrorism under the UN.
- India asked for effective enforcement of FATF Standards in these conferences.
- India called for non-politicisation of UN listings and FATF: As China regularly blocks India’s push for sanctions against Pakistan-based terror groups and terrorists.
- International Community should initiate discussion on ‘Countering Financing of Radicalisation (CFR)’, to prevent radicalisation.
- NMFT conferences focused on building consensus on terror financing and firming up nations’ intent to combat it.
Source: The Indian Express
Article: India to host terror funding meet: Significance, objectives
Article Link:
https://indianexpress.com/article/explained/india-terror-conference-significance-objectives-explained-8272822/
Yojna IAS Daily current affairs eng med 18th November
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