India raised the issue of terror financing through bogus transactions by legitimate businesses on the first day of the ‘No Money for Terror’ conference on Friday, sources said.
According to top sources, during the second session on formal and informal channels of funding for terrorism, India highlighted online transactions and how not-for-profit organisations were being misused due to their wider reach and connect to the large number public.
The sources said India also talked about hawala transfers, which were not only conducted through illegal channels but also a large network of online transactions. There deliberations on these topics later.
Prime Minister Narendra Modi opened the conference with his address, highlighting how terrorism was using modern technology to disturb civil society. He said organised crime and terrorism were linked and should not be seen in isolation.
Countries like Mauritius, Australia, as well as some European countries already have risk management and guidelines for non-profit organisations. Many such bodies are abused to promote radical ideologies and even to facilitate terrorists, a report states.
The session also held deliberations on hawala/hundi networks and other informal means of money transfer, as well as nexus between terrorists and transnational organised crime, especially drug trafficking, in terror financing.
“Action against organised crime is extremely important in the fight against terror. At times, even activities like money laundering and financial crimes have been known to help terror funding. Fighting it needs global collaboration,” the prime minister said.
He added: “New kinds of technology are being used for terror financing and recruitment. Challenges from the darknet, private currencies and more are emerging. There is a need for a uniform understanding of new finance technologies.”
Home minister Amit Shah also addressed the first session. He said terrorists and terrorist groups in this day and age understood nuances of modern weaponry and information technology, as well as dynamics of the cyber and financial space very well and, hence, were able to use them effectively.
“This transformation of terrorism from ‘dynamite to metaverse’ and ‘AK-47 to virtual assets’ is definitely a matter of concern for countries and all have to work together to formulate a common strategy against it,” he said.
The home minister further said the threat of terrorism could not and should not be linked to a particular religion, nationality or group. He said India had strengthened the fight against terrorism and its financing, with the amendment of the Unlawful Activities Prevention Act (UAPA), strengthening the National Investigation Agency and giving new direction to financial intelligence.
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