NO MONEY FOR TERROR

  • The use of crowdfunding platforms to finance terrorist activities and weak control mechanisms of social media platforms is one of the four main topics to be discussed at the third No Money For Terror (NMFT) conference to be hosted by India this week.
  • The conference, to be held in New Delhi on November 18 and 19, is expected to be attended by representatives of nearly 75 countries.
  • The major topics to be discussed at the conference spanning four sessions are global trends in terrorism and terrorist financing; use of formal and informal channels for terrorism; emerging technologies and terrorist financing; and international cooperation to address challenges in combating terrorist financing.
  • On Tuesday, the official handle of NMFT tweeted, “Humanitarian forces of the world and India will have to fight unitedly to defeat the menace of terrorism.”
  • The agenda of the conference said that “terrorists and extremists have improvised on technologies like cryptocurrency and crowdfunding by customising them to suit their requirements”.

Decentralised structure

  • It added that the dark web brings together professional hackers and terrorists seeking to transfer or crowd-source funds, and 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 cyber crimes. 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/social media platforms work towards effective, proportionate and dissuasive self-regulation,” the agenda said.
  • A statement by the Ministry of Home Affairs on November 12 said that Union Home Minister Amit Shah will be participating in the conference and will convey India’s determination in its fight against terrorism as well as its support systems for achieving success.

SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB

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