Many countries, multilateral organisations participating in third edition of 'No Money For Terror' conference, says NIA

New Delhi: India will raise major issues like lack of universal consensus on laws regarding cybercrimes; weak control mechanisms of social media platforms and their misuse by terrorist and extremist groups, the dark web and crypto-currency in the upcoming international ‘No Money For Terror’ Ministerial Conference this week, top government sources said. Dinkar Gupta, Director General, NIA said that multiple countries are participating in the’No Money For Terror’ Ministerial Conference. “78 countries and multilateral organisations are participating in the third edition of the ‘No Money For Terror’ Conference being organised in the national capital on 18-19 November,” said Gupta. Gupta added, “Social media platforms are used as crowdfunding platforms, finances raised through such sources are ultimately used for terror purposes. This is an issue that needs to be discussed.” A Ministry of Home Affairs (MHA) official, requesting anonymity, told ANI how the conference being attended by 78 countries is significant amid changing scenario when “terrorists and extremists have improvised on technologies like cryptocurrency and crowdfunding by customising them to suit their requirements”. “The dark web brings together professional hackers and those terrorists seeking to crowdsource or transfer funds. 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 cybercrimes,” said the official, pointing these matters would be put before the international delegation taking part in the conference. “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 the internet service providers and social media platforms work towards their monitoring, control, and correction,” said the official while explaining the points to be raised at the conference. Recent years have witnessed a combination of cryptocurrencies, the dark web, crowdfunding, and the absence of regulatory environments supporting funding for Terrorists and Extremist groups (TEGs). They have also misused non-profit and nongovernment organisations as front structures for financing their activities. In the conference, which will be inaugurated by Prime Minister Narendra Modi around 11 am, India will seek cooperation from all countries to address challenges in combating terrorism financing. This is the 3rd Ministerial ‘No Money for Terror’ Conference, and India is hosting it for the first time. This Conference aims to progress the discussions on combating terrorist financing held by the international community in the previous two Conferences in Paris (2018) and Melbourne (2019). It also intends to include discussions on technical, legal, regulatory, and cooperation aspects of all facets of terrorism financing. It attempts to also set the pace for other high-level official and political deliberations, focused on countering terrorist financing. India will point out how additional challenges rise in terms of the inclusion and regulation of the private sector as well as the extension of technical assistance to smaller financial institutions, said another source, privy to the development. India will also emphasize the cooperation among states carried out at the international, national and regional levels which need coordinated responses from intergovernmental and national law enforcement agencies, said the source. To bridge the gap between the private and public sectors and facilitate better information sharing and cooperation among the various stakeholders Financial Intelligence Units were established (FIUs), said the source, adding focus will be on “more coordination” among all stakeholders. The conference will further India’s efforts to build understanding and cooperation amongst nations in the fight against terror financing. Union Minister for Home Affairs Amit Shah will conclude the event and convey India’s determination in its fight against terrorism as well as its support systems for achieving success against it. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.