No Money for Terror (NMFT) Ministerial Conference

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No Money for Terror (NMFT) Ministerial Conference

  • Recently, a ministerial level conference on No Money for Terror (NMFT) has been organized in New Delhi from 18 to 19 November.
  • The Union Home Minister has addressed the ‘No Money for Terror (NMFT)’ Ministerial Conference on the topic ‘Global trends in terrorism and terror financing’.
  • Addressing the 3rd NMFT Conference, the Home Minister expressed concern over the transformation of terrorism from ‘Dynamite to Metaverse’ and AK-47 to ‘Virtual Assets’.

Key findings

  • The role of darknet in increasing radicalization was underlined in the conference. Also, the challenges faced in curbing terrorist financing due to the rise in virtual assets like crypto currencies were also discussed.
  • To prevent this, a strong and efficient operating system is needed.
  • Organizations like the United Nations, International Monetary Fund (IMF) and Interpol can play a positive role in this regard.
  • The global community was urged to understand the ‘mode – medium – method’ of financing terrorism.
  • To control the financing of terrorism, it was suggested to adopt the principle of ‘one mind, one approach’.
  • India’s strategy against terror financing was outlined.

Six Pillars of India’s Strategy against the Financing of Terrorism

  1. Strengthening the legislative and technical framework.
  2. Establish actionable intelligence sharing mechanism and strengthen investigation process and police operations.
  3. Preventing misuse of legal institutions and new technologies.
  4. Creating a comprehensive monitoring framework.
  5. Making provision for confiscation of property.
  6. To establish international cooperation and coordination.

India’s major initiatives against terrorism:

  • Amendments have been made in the Unlawful Activities (Prevention) Act.
  • More powers have been given to the National Investigation Agency (NIA).
  • National Intelligence Grid (NATGRID) has been set up to help in information sharing.
  • National Security Guard Hubs have been set up for quicker and more effective response in situations of terrorist threats.
  • India proposed a draft document on the ‘Comprehensive Convention on International Terrorism (CCIT)’ at the United Nations in the year 1986.

No Money for Terror Ministerial Conference

  • This conference is organized by Egmont Group.
  • The Egmont Group is a group of Financial Intelligence Units (FIUs) of 164 countries.
  • In the year 2018, this conference was first organized in Paris.
  • The group provides a forum for the secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing.

Source – The Hindu

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