{"id":34852,"date":"2022-11-17T06:39:13","date_gmt":"2022-11-17T01:09:13","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=34852"},"modified":"2025-04-20T17:53:03","modified_gmt":"2025-04-20T12:23:03","slug":"india-to-host-terror-funding-meet-significance-objectives","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/india-to-host-terror-funding-meet-significance-objectives\/","title":{"rendered":"India to Host Terror Funding Meet: Significance, Objectives"},"content":{"rendered":"<h3><strong>Why in News?<\/strong><\/h3>\n<ul>\n<li><strong>India will host the Third\u00a0No Money for Terror (NMFT)\u00a0Conference on November 18-19.<\/strong><\/li>\n<li><strong>This Conference aims to progress the discussions on\u00a0<u>combating terrorist financing<\/u>\u00a0held by the international community in the previous two Conferences in Paris (2018) and Melbourne (2019).<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>What\u2019s in today\u2019s article?<\/strong><\/h2>\n<ul>\n<li>No Money for Terror (NMFT) Conference \u2013 About, previous conferences<\/li>\n<li>News Summary<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>No Money for Terror (NMFT) Conference<\/strong><\/h2>\n<ul>\n<li>The NMFT started in 2018 as an initiative of the\u00a0<strong>French government<\/strong>\u00a0which had, in 1989, laid the foundation of the\u00a0<strong>Financial Action Task Force (FATF).<\/strong>\n<ul>\n<li>FATF is the international body at the forefront of combating money laundering and terrorist financing.<\/li>\n<\/ul>\n<\/li>\n<li>The Conference aims to create platform for international discussions on countering terror financing.<\/li>\n<li>It also includes discussions on technical, legal, regulatory and cooperative aspects of the terrorism financing.<\/li>\n<li>The continuing activities of the Islamic State and Al Qaeda, despite territorial defeats in Syria-Iraq and Afghanistan respectively, necessitated the NMFT conference.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Previous NMFT Conferences<\/strong><\/h2>\n<ul>\n<li><strong>The 2018 conference<\/strong>\n<ul>\n<li>It was\u00a0<u>organized by France<\/u>, which was attended by some 70 countries and the leaders of almost 20 agencies.<\/li>\n<li>The conference agreed on fully criminalizing terrorism financing, even in the absence of a link to a specific terrorist act.<\/li>\n<li>It also agreed on enhancing the traceability and transparency of financial flows.<\/li>\n<li>The conference also discussed traceability and transparency of non-profit organisations (NPOs) and charitable funds.<\/li>\n<\/ul>\n<\/li>\n<li><strong>The 2019 conference<\/strong>\n<ul>\n<li><u>Hosted by Australia<\/u>\u00a0with participation from 65 delegations and representatives from 15 international bodies.<\/li>\n<li>The conference identified new channels through which terrorism may be financed. These included:\n<ul>\n<li>kidnapping for ransom<\/li>\n<li>emerging technologies such as digital and cryptocurrencies, stored value cards, online payment systems and crowdfunding platforms.<\/li>\n<\/ul>\n<\/li>\n<li>It recognised the critical role played by the private sector to detect and prevent misuse of financial systems by terrorists and flagged the need for monitoring of NPOs.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>News Summary<\/strong><\/h2>\n<ul>\n<li>PM Modi will inaugurate the third global \u2018no money for terror\u2019 NMFT conference in the national Capital on 18<sup>th<\/sup><\/li>\n<li>The conference will be organized by the Ministry of Home Affairs.<\/li>\n<li>India was supposed to host the conference in 2020, but it was postponed due to the pandemic.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Agenda for 2022 terror conference<\/strong><\/h2>\n<ul>\n<li>The agenda for the NMFT 2022 includes:\n<ul>\n<li>use of virtual assets and crowdfunding platforms by terrorist entities, their use of the dark web,<\/li>\n<li>the links between terror financing and legitimate economic activities, and<\/li>\n<li>payment intermediaries.<\/li>\n<\/ul>\n<\/li>\n<li>This conference is largely a build-up on concerns raised during the\u00a0<u>Interpol Conference and UN General Assembly\u2019s Counter Terrorism Committee Conference<\/u>\u00a0held in Delhi recently.<\/li>\n<li>India also plans to discuss the misuse of non-profit organisations and non-financial businesses and professions in terror financing, as well as such financing through the Money Transfer Service Scheme and hawala networks.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>NMFT Conference aims to create platform for international discussions on countering terror financing.<\/p>\n","protected":false},"author":5,"featured_media":34853,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":{"0":"post-34852","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-mains-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/34852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=34852"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/34852\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/34853"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=34852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=34852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=34852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}