At the ‘No Money For Terror’ ministerial meeting, which India will host later this month, one of the main emphasis points will be on how terrorists use new technologies like bitcoin and crowdfunding. The conference’s third iteration since 2018 will take place in New Delhi from November 18 to 19. The Indian ministry of home affairs is in charge of organising the summit in Delhi.
In 2018, Paris hosted the first such conference, and a second iteration took place there in 2019. Due to travel bans caused by the Covid epidemic, the meeting that was scheduled to take place in India in 2020 was postponed. The meeting’s primary topic will be the use of the dark web by terrorists to transfer or crowdsource cash, even if bitcoin usage continues to raise concerns due to its decentralised structure and lack of enforcement.
The meeting will discuss the use of both legal and informal avenues for financing terrorists, current worldwide trends in terrorism, and how to best confront these issues through international collaboration. The conference in Delhi ‘intends to include discussions on technical, legal, regulatory and cooperation aspects of all facets of terrorism financing,’ according to sources. It also ‘tries to set the pace for similar high level official and political deliberations, focused on countering terror financing’.
The Financial Action Task Force (FATF) will be given more power at the meeting to play a larger role in establishing international standards. In order for international organisations to develop effective mechanisms to prevent terrorism financing, sources said that ‘greater cooperation among governments is essential’. The necessity for ‘improved information sharing and coordination across various stakeholders including, Financial Intelligence Units (FIUs)’ was also stated in the statement.
Under Indian leadership, this is the second significant conference on counterterrorism that will be held. India was the host nation for the meeting of the UN Security Council’s counter-terror committee last month. The committee had never convened outside of New York before, and this was just its eighth time doing so. A meeting on the international counter-terror architecture will be held in December when India has the security council’s leadership.
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