News Analysis India

Tag: terror financing

  • Foreign Minister S Jaishankar highlights growing threat of terrorism at global conference

    By ANI

    NEW DELHI: Addressing the ‘No Money For Terror’ (NMFT) conference on Saturday, External Affairs Minister S Jaishankar highlighted reasons behind the growing scope, scale and intensity of the terrorist threat in recent years.

    “Addressed the ‘No Money For Terror’ conference today. Spoke at the session on promoting international cooperation. Highlighted reasons behind the growing scope, scale and intensity of the terrorist threat in recent years,” Jaishankar tweeted.”India, along with like-minded partners, will remain committed and energetic to highlight the existential threats that terrorism poses to global security and stability. We will shine the spotlight on this peril – and all those involved in nurturing and furthering it,” he said.

    Jaishankar said the ‘No Money for Terror’ platform aims to broad base the Big Fight against Terror Financing. “When it comes to terrorism, we will never look away, we will never compromise and we will never give up on our quest to ensure justice,” he said.

    The ‘No Money for Terror’ platform aims to broad base the Big Fight against Terror Financing.When it comes to terrorism, we will never look away, we will never compromise and we will never give up on our quest to ensure justice.
    — Dr. S. Jaishankar (@DrSJaishankar) November 19, 2022
    The two-day conference organised on 18th-19th November offers a unique platform for participating nations and organisations to deliberate on the effectiveness of the current international regime on Counter Terrorism Financing and the steps required to address emerging challenges.

    The conference worked towards enhancing global cooperation to deny finances to terrorists and access to permissive jurisdictions to operate.

    On the sidelines of the summit, Jaishankar met Maldives Home Minister Imran Abdulla and reiterated India’s commitment to a special relationship.

    “Good to meet Maldives Home Minister @ShimranAb on sidelines of the ‘No Money for Terror’ Conference. His presence is an affirmation of Maldives’ principled position against terrorism,” Jaishankar said.

    “Another occasion to reiterate our commitment to our special relationship. Discussed the progress of cooperation in different fields,” he added.

    Another occasion to reiterate our commitment to our special relationship. Discussed the progress of cooperation in different fields.
    — Dr. S. Jaishankar (@DrSJaishankar) November 19, 2022
    Highlighting the importance of this conference, Prime Minister Narendra Modi on Friday said that it should not be seen just as a gathering of ministers as terrorism impacts entire humanity.

    Addressing the NMFT Ministerial Conference on Counter-Terrorism Financing in New Delhi, he said that the long-term impact of terrorism is particularly hard on the poor and on the local economy. “Be it tourism or trade, nobody likes an area that is constantly under threat”, Modi remarked.

    He further added that the livelihoods of people are snatched away as a result of terrorism. He pointed out that it is all the more important that we strike at the root of terror financing.

    Welcoming the gathering, the Prime Minister marked the significance of the conference taking place in India and recalled when the nation saw the dark face of terror long before the world took serious note of it.  “Over the decades,” the Prime Minister said, “terrorism, in different names and forms, tried to hurt India.” He added that even though thousands of precious lives were lost, India fought terrorism bravely.

    The Prime Minister highlighted that it is an opportunity for all the delegates to interact with India and its people who have been firm in tackling terror. ALSO READ | Terrorism ‘most serious’ threat to global peace; darknet being used by terrorists: Amit Shah

    NEW DELHI: Addressing the ‘No Money For Terror’ (NMFT) conference on Saturday, External Affairs Minister S Jaishankar highlighted reasons behind the growing scope, scale and intensity of the terrorist threat in recent years.

    “Addressed the ‘No Money For Terror’ conference today. Spoke at the session on promoting international cooperation. Highlighted reasons behind the growing scope, scale and intensity of the terrorist threat in recent years,” Jaishankar tweeted.
    “India, along with like-minded partners, will remain committed and energetic to highlight the existential threats that terrorism poses to global security and stability. We will shine the spotlight on this peril – and all those involved in nurturing and furthering it,” he said.

    Jaishankar said the ‘No Money for Terror’ platform aims to broad base the Big Fight against Terror Financing. “When it comes to terrorism, we will never look away, we will never compromise and we will never give up on our quest to ensure justice,” he said.

    The ‘No Money for Terror’ platform aims to broad base the Big Fight against Terror Financing.
    When it comes to terrorism, we will never look away, we will never compromise and we will never give up on our quest to ensure justice.
    — Dr. S. Jaishankar (@DrSJaishankar) November 19, 2022
    The two-day conference organised on 18th-19th November offers a unique platform for participating nations and organisations to deliberate on the effectiveness of the current international regime on Counter Terrorism Financing and the steps required to address emerging challenges.

    The conference worked towards enhancing global cooperation to deny finances to terrorists and access to permissive jurisdictions to operate.

    On the sidelines of the summit, Jaishankar met Maldives Home Minister Imran Abdulla and reiterated India’s commitment to a special relationship.

    “Good to meet Maldives Home Minister @ShimranAb on sidelines of the ‘No Money for Terror’ Conference. His presence is an affirmation of Maldives’ principled position against terrorism,” Jaishankar said.

    “Another occasion to reiterate our commitment to our special relationship. Discussed the progress of cooperation in different fields,” he added.

    Another occasion to reiterate our commitment to our special relationship. Discussed the progress of cooperation in different fields.
    — Dr. S. Jaishankar (@DrSJaishankar) November 19, 2022
    Highlighting the importance of this conference, Prime Minister Narendra Modi on Friday said that it should not be seen just as a gathering of ministers as terrorism impacts entire humanity.

    Addressing the NMFT Ministerial Conference on Counter-Terrorism Financing in New Delhi, he said that the long-term impact of terrorism is particularly hard on the poor and on the local economy. “Be it tourism or trade, nobody likes an area that is constantly under threat”, Modi remarked.

    He further added that the livelihoods of people are snatched away as a result of terrorism. He pointed out that it is all the more important that we strike at the root of terror financing.

    Welcoming the gathering, the Prime Minister marked the significance of the conference taking place in India and recalled when the nation saw the dark face of terror long before the world took serious note of it.  “Over the decades,” the Prime Minister said, “terrorism, in different names and forms, tried to hurt India.” He added that even though thousands of precious lives were lost, India fought terrorism bravely.

    The Prime Minister highlighted that it is an opportunity for all the delegates to interact with India and its people who have been firm in tackling terror. ALSO READ | Terrorism ‘most serious’ threat to global peace; darknet being used by terrorists: Amit Shah

  • Pakistan needs to continue taking credible, verifiable action against terrorism: India 

    The Paris-based Financial Action Task Force (FATF) took off Pakistan from a list of countries under increased monitoring, also known as the 'grey list'.

  • FATF review of India’s anti-money laundering, terror financing regime postponed again to 2022

    By PTI
    NEW DELHI: An evaluation by global organisation Financial Action Task Force (FATF) to analyse the effectiveness of India’s anti-money laundering and countering terrorist financing regime has been postponed for the second time in view of the ongoing COVID-19 pandemic and is now slated to be initiated next year, officials said.

    The scheduled assessment for the country by the Paris-headquartered watchdog was originally slated for September-October, 2020.

    However, these dates were postponed and pushed to February this year by the FATF secretariat in view of the coronavirus outbreak that gripped the world, including India.

    “The schedule for FATF mutual evaluation has again been postponed from February, 2021 and it is tentatively expected to begin in September, 2022 now,” a senior government officer told PTI.

    As per this re-scheduled assessment calendar, the technical evaluation of Indian anti-money laundering, countering terrorist financing and the role of relevant legal framework and agencies enforcing these measures would begin in September next year followed by an on-site visit of FATF experts to the country in February, 2023, another official privy to the development said.

    The FATF plenary that is expected to be held in October, 2023 will discuss the Indian assessment and its mutual evaluation report will be published for public consumption after 10 months from the date of the on-site visit (February 2023), he said.

    The FATF is a global money laundering and terrorist financing watchdog that sets international standards to prevent economic and financial crimes in a country with inter-connected linkages across the world.

    It conducts “peer reviews of each member on an ongoing basis to assess levels of implementation of the FATF recommendations and provides an in-depth description and analysis of each country’s system for preventing criminal abuse of the financial system.

    ” The last such review of India’s anti-money laundering and terrorist financing regime was held in June, 2010 and it is usually taken up again after a period of 10 years.

    The FATF, post this review, had said in 2013 that “India had made significant progress in addressing deficiencies identified in its mutual evaluation report and (the FATF) decided that the country should be removed from the regular follow-up process.

    ” In 2019, India had set up a joint working group comprising 22 central investigation, intelligence gathering and regulatory agencies to make presentations, hold discussions and brief the FATF experts, drawn from various countries, once the process starts.

    Some of the prominent agencies in this grouping supervised by the Department of Revenue under the Union Finance Ministry include the Enforcement Directorate, Income Tax Department, Directorate of Revenue Intelligence, Financial Intelligence Unit (FIU), CBI, Customs Department, market regulator SEBI, banking regulator RBI and insurance regulator IRDAI.

    The FATF too made a public declaration saying the dates for mutual evaluation of certain countries including India “will be rescheduled as soon as practicable.

    ” “Due to the ongoing coronavirus (Covid-19) emergency, the FATF and FATF-style regional bodies (FSRBs) are implementing precautionary measures that impact scheduled on-site visits and mutual evaluation discussions.

    ” “As the situation evolves, this information will be regularly updated but remains subject to further change,” it said.

    It specifically says India’s possible on-site period is “tbc (to be confirmed)”.

    During this evaluation, Indian financial regulatory and enforcement agencies are expected to showcase their action taken reports and dossiers for the enforcement, regulatory and investigative work undertaken by them under the anti-money laundering law, criminal tax evasion instance and for strengthening the CFT (combating financing of terrorism) regime.

    “The guidelines and rules framed under the Prevention of Money Laundering Act (PMLA), their outcomes and strict adherence to Know Your Customer (KYC) procedures are some of the very important aspects that the FATF experts will be informed about,” the officer quoted in the later part said.

    The enactment of the Fugitive Economic Offenders Act in 2018, the anti-black money Act of 2015, amendments brought in the PMLA over the years, curbing tax evasion under indirect taxes by bringing in the GST (Goods and Services Tax), new protocols to better regulate suspect transactions in banks and financial intermediaries and the 2016 demonetisation of two large currencies are part of the Indian presentation, an officer had said last year.

    The high number of domestic and international attachment of assets and penalties issued under the PMLA, and charge sheets filed by various probe agencies under criminal sections of the law against financial crimes and terror funding will also be part of India’s presentation to the FATF review team.

    The wide spectrum of offences from wildlife smuggling to use of smart electronic tools to generate black money being probed by Indian agencies will be part of the dossier, officials informed.

    The new compliance regime brought in by the Financial Intelligence Unit (FIU) for banks, other financial institutions, casinos and payment gateways to report suspect transactions and counterfeit currency will also be part of the presentation.