Choke terror funds through targeted economic sanctions, says PM Modi

New Delhi: Pitching for concerted global efforts to choke terror funding through “targeted economic sanctions”, Prime Minister Narendra Modi today said the Paris attacks were a grim reminder that terrorists show remarkable flexibility and adaptability in arranging finances. Underlining that terror fundings are being derived from a variety of criminal activities ranging from vehicle thefts to state sponsored activities in failed states, Modi called for disrupting fund flow to hit at the abilities of terror groups to carry out attacks.[caption id=“attachment_2507970” align=“alignleft” width=“380”]  Prime Minister Narendra Modi. Reuters [/caption] “The dastardly acts committed in Paris a few days ago are a grim reminder that terrorists have shown remarkable flexibility and adaptability in meeting their funding requirements. “Disrupting fund flow constrains the capabilities of terrorists and reduces their ability to execute attacks,” he said addressing the sixth Global Focal Point Conference on Asset Recovery and 21st conference of CBI and state anti-corruption and vigilance bureaux attended by 34 countries. Last week, Modi had raised the issue during the G-20 summit in Turkey which took place immediately after the Paris terror attack which claimed 129 lives. He said globalisation of organised crime poses a major threat to economies throughout the world and it is a well known fact that “dirty money drives out good money”. “Organised crime can hamper investment and economic growth. It can also infiltrate or control a large section of economy. Illicit funding promotes organised criminal activities like drug trafficking, arms trafficking, human trafficking and terrorism,” he warned. Calling for a concerted efforts to clamp down on proceeds of crime, the prime minister said economic liberalism and globalisation have drastically increased the ability to park profits of crime anywhere in the world within seconds concealing its trail whereas investigation agencies are limited by national boundaries. On corruption, Modi said India is currently in a crucial phase of nation building and the government’s mission is to build a prosperous India where farmers are capable, workers satisfied, women empowered and youth self-reliant. “However, to achieve this objective, it is essential to fight relentlessly against corruption. India stands committed in its fight against corruption,” he said. The prime minister said 45 senior officers have either been removed or faced pension cuts for “unsatisfactory performance and delivery in public service”. Modi said India has entered into agreements with many countries for exchanging real time information on black money besides signing an Inter Government Agreement with the US to implement the Foreign Account Tax Compliance Act (FATCA). Besides this, a comprehensive and deterrent law, the Black Money Undisclosed Foreign Income and Assets and Imposition of Tax Act, has been enacted which provides for stringent penalties and prosecution. “The proceeds of crime and corruption are stolen assets. They do not belong to the country where they are stashed. They rightfully belong to the citizens of the country from which they have been plundered,” he said. Modi said police and law enforcement agencies should forge formal and informal relationships to overcome legal hurdles in asset recovery across international boundaries. Earlier speaking on the occasion, Director CBI Anil Sinha said CBI has been discharging a broad spectrum of activities and responsibilities that support the effective administration of justice and security of the nation by actively coordinating with Interpol in transnational criminal threats. “Be it fugitive tracking, be it seeking and providing informal and formal evidence and other investigative assistance from foreign jurisdictions, be it extradition or deportation of fugitive criminals. CBI has been at the forefront of facilitating international cooperation,” he said. Interpol Secretary General Jurgen Stock said, “Now more than ever this family must stand united in its effort to prevent the repetition of what has happened against humanity in Paris last Friday, in Beirut and Ankara recently or in Mumbai in 2008.” Stock said it is becoming increasingly challenging in 21st century when the click of buttons can lead to huge illicit flows across the borders. “As proceeds of corruption cross borders trust in leaders and public service could be undermined, criminal activity facilitated and the perception of impunity created,” he said. He said the trends of financial crimes have often revealed “internconnectedness” of crimes of different types, stemming from different parts of the world often with complex modus operandi. On the occasion,the Prime Minister also gave President’s medals to 11 CBI officers including Gujarat cadre IPS officer AK Sharma and STF Joint Director Nina Singh. PTI