Give out the major sources of terror funding in India and efforts being made to curtail these sources. In the light of this, also discuss the aim and objective of the ‘ No Money for Terror [NMFT]’ Conference recently held at New Delhi in November 2022.
Give out the major sources of terror funding in India and efforts being made to curtail these sources. In the light of this, also discuss the aim and objective of the ‘ No Money for Terror [NMFT]’ Conference recently held at New Delhi in November 2022.
Subject: Internal Security
India's battle against terror funding requires a comprehensive understanding of various funding channels and robust countermeasures to effectively combat terrorism financing.
Major Sources of Terror Funding in India
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Hawala Networks: Informal money transfer systems facilitate illegal cross-border transactions supporting terrorist activities (e.g., Recent NIA crackdown on hawala networks in Kashmir).
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Drug Trafficking: The Golden Crescent route is extensively used for narco-terrorism, generating substantial funds for terrorist organizations.
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State Sponsorship: Cross-border terrorism supported by hostile neighboring countries through financial and logistical assistance.
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Counterfeit Currency: Circulation of Fake Indian Currency Notes (FICN) serves as a significant source of terror funding.
Counter-Measures to Combat Terror Funding
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Legislative Framework:
- Implementation of Unlawful Activities Prevention Act (UAPA) for seizing terror-linked assets.
- Enforcement of Prevention of Money Laundering Act (PMLA) to track illicit financial flows.
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International Cooperation:
- Active participation in Financial Action Task Force (FATF) initiatives.
- Bilateral cooperation through Mutual Legal Assistance Treaties (MLATs).
No Money for Terror Conference 2022
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Key Objectives:
- Strengthening international cooperation in combating terror financing.
- Addressing emerging challenges like cryptocurrency and crowdfunding platforms.
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Major Outcomes:
- Participation of 77 countries and 16 multilateral organizations.
- Delhi Declaration emphasizing global cooperation against terror financing.
- Formation of permanent secretariat for continued coordination.
The global fight against terror funding requires sustained international cooperation and innovative approaches. India's hosting of the NMFT Conference demonstrates its commitment to leading global counter-terrorism efforts, while initiatives like Operation Trishul by enforcement agencies showcase domestic resolve in tackling terror financing.
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