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Exclusive | Cryptocurrency, Crowdfunding by Terrorists on Agenda at India Hosted ‘No Money for Terror’ Conference

By: Shailendra Wangu

Edited By: Shilpy Bisht

CNN-News18

Last Updated: November 06, 2022, 11:47 IST

New Delhi, India

A senior counter-terror official told News18 that terrorists and extremists have improvised on technologies like cryptocurrency and crowdfunding by customising them to suit their requirements. (Representational Photo)

A senior counter-terror official told News18 that terrorists and extremists have improvised on technologies like cryptocurrency and crowdfunding by customising them to suit their requirements. (Representational Photo)

Sources explained the outcome of the conference is expected to be aligned with protecting communities from terrorism by increasing global cooperation and building capacity to deny funds to terrorists

After hosting the UNSC Counter Terror Committee last month, India will host the third edition of the ‘No Money for Terror’ ministerial conference in New Delhi on November 18-19.

The first such conference took place in Paris in 2018 and the second one in Australia in 2019. This year, the Ministry of Home Affairs is organising the India edition of the ministerial conference.

Sources told News18 legal, regulatory, technical, and cooperation aspects of all facets of terror financing that will set the pace for “similar high-level official and political deliberations” will be discussed at the conference.

It also intends to discuss global trends in terrorism and terrorist financing, use of formal and informal channels of funds for terrorism and requisite international cooperation to address the challenges in combating terrorist financing.

Sources explained that the outcome of the conference is “expected to be aligned with protecting communities from terrorism by enhancing global cooperation and building capacity to deny funds to terrorists and access to permissive jurisdictions to operate”.

The conference will also focus on Financial Action Task Force (FATF) as a global standard setting body and is expected to “complement its work and that of its global network of Financial Action Task Force Style Regional Bodies”.

Use of Crypto and Crowdfunding by Terrorists

A senior counter-terror official told News18 that terrorists and extremists have improvised on technologies like cryptocurrency and crowdfunding by customising them to suit their requirements. The dark web brings together professional hackers and terrorists seeking to transfer or crowdsource funds. The anonymous, decentralised, and often untraceable nature of terror financing through various means poses a serious challenge.

The world still lacks a universal consensus on laws and norms regarding cybercrimes. The weak control mechanisms of social media platforms and their misuse by terrorist and extremist groups to raise funds have been regularly highlighted.

An effective multilateral and multi-stakeholder approach can help in the identification and mitigation of threats of emerging terror-financing mechanisms. An effective legislative framework can help ensure that internet service providers and social media platforms work towards effective, proportionate and dissuasive self-regulation.

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first published:November 06, 2022, 11:32 IST
last updated:November 06, 2022, 11:47 IST
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