Usage of crypto by terrorists on the agenda at Delhi "No Money For Terror" meet

Usage of emerging technologies like cryptocurrency and crowdfunding by terrorist will be among the key focus areas at the ‘No Money For Terror’ ministerial conference that will be hosted by India later this month. The meet, which will take place in New Delhi from November 18-19 will be the third edition of the conference since 2018. The meeting in Delhi is being organised by India’s ministry of home affairs.

The first such conference took place in Paris in 2018, followed by another iteration in Australia in 2019. The meet was due to take place in India in 2020 but was postponed due to the Covid pandemic due to restrictions on global travel.

While usage of cryptocurrency remains a worry, given its decentralised nature and lack of policing – focus on dark web by terrorists to seek transfer or crowdsource funds will be topping the agenda at the meet.

The meet will deliberate on the usage of formal and informal channels of funds for terrorism, current global trends in terrorism and terror financing and seek international cooperation to address challenges in combating terrorism financing.

Sources pointed out that the conference in Delhi, “intends to include discussions on technical, legal, regulatory and cooperation aspects of all facets of terrorism financing and attempt to set the pace for similar high level official and political deliberations, focused on countering terror financing.”

The conference also aims to strengthen the Financial Action Task Force (FATF) role in setting global standards. Sources explained that “more coordination is needed among states for international organisations to foster effective mechanism to combat terrorism financing.”

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It added that there is need for “better information sharing and cooperation among various stakeholders and, Financial Intelligence Units (FIUs).”

This is the second major conference under Indian leadership that will take place on dealing with the issue of counter-terrorism. Last month, India hosted the United Nations Security Council’s counter-terror committee meeting.

This was the first time the committee met in India and only the seventh time that the meeting took place outside of New York. In December, under India’s presidency of the security council, a meet on global counter-terror architecture will take place.

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