NO MONEY FOR TERROR CONFERENCE

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Context: Union Home Minister Shri Amit Shah delivered concluding remarks at the closing session of 3^rd “No Money For Terror” Conference (Counter-Terrorism Financing) in New Delhi.

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He said that “Terrorism is the biggest enemy of democracy, human rights, economic progress, and world peace, which we cannot allow to succeed”.
The international community must continue to fight shoulder-to-shoulder against this increasingly complex and borderless threat.
With the vision of Prime Minister Shri Narendra Modi, the world's first National Forensic Science University has been established.
He said that in order to combat cybercrime in a comprehensive manner, the Government of India has established the Indian Cybercrime Coordination Center.
Union Home Minister reiterated Prime Minister Shri Narendra Modi's resolve that India will be the focal point of international cooperation for "Counter-Terrorism (CT) and Combating Financing of Terrorism (CFT)".
He said that some countries, their governments and their agencies have made 'Terrorism' their State Policy. He said that in these Terror havens, it is necessary to shackle their unrestrained activities along with a strict economic crackdown and all the countries of the world will have to make up their minds on this, rising above their geo-political interests.
All countries will have to agree on one common definition of 'terrorism' and 'terror financing', because it is an issue of the protection of our citizens, and their human and democratic rights, it should not become a political issue.
He stated that according to an estimate by the IMF and the World Bank, criminals around the world launder around 2 to 4 trillion dollars every year. And a major part of it goes to fuel terrorism.
He drew the attention of the delegates towards some priority issues,
Preventing diversion from legal financial instruments by fighting anonymity in financial networks,
Restricting the use of proceeds of other crimes for terrorist activities,
Preventing use of new financial technologies, virtual assets like crypto-currencies, wallets etc., for terror activities,
Eliminate the use of Illegal Channels, Cash Couriers, Hawala by Terror Networks
Prevent the use of Non-Profit Organisation, NPOs Sector to Spread Terror Ideology
Continuous capacity building of counter-terror and financial intelligence agencies of all countries.
He said that to combat the financing of terrorism, our approach must be based on five pillars:

Establish a comprehensive monitoring framework involving cooperation, coordination, and collaboration among all intelligence and investigative agencies.
The strategy of “Trace, Target, and Terminate”, to be adopted from low-level economic offenses to more organized economic crimes,
Strengthening and harmonizing the legal structures related to terror finance,
Developing a robust mechanism against the misuse of Next Generation Technology, and,
Strengthening the legal and regulatory framework for asset recovery.

He said that to stop the borderless finance movement that supports terrorism, we also have to accept the approach of ‘Beyond-Border Cooperation’, among us, only then this platform will be successful.
He said that during the deliberations, India has sensed the need for permanency of this unique initiative of NMFT, in order to sustain the continued global focus on countering the financing of terrorism and now the time is ripe for a permanent Secretariat to be established.
He said that in order to take this thought forward, the Chair Statement includes the offers to establish a Permanent Secretariat in the country and shortly, India will circulate a discussion paper to all Participating Jurisdictions for their valuable comments.

https://pib.gov.in/PressReleasePage.aspx?PRID=1877292