Expansion of terror groups challenging, India asks int'l community to call out states involved in terror financing

Emphasising that continuous expansion of terrorist groups is challenging for all, India at the UN Security Council meeting has asked the international community to call out the states who wilfully provide financial assistance, safe havens to terrorists and hold them accountable.

"India is committed to support and strengthen UN efforts to assist member states lacking Combating the Financing of Terrorism (CFT) capacities by providing financial support," said Rajesh Parihar, First Secretary, India's Permanent Mission to UN.

Speaking at UNSC special joint meeting on Terrorist Financing Threats and Trends and the Implementation of Security Council Resolution 2462, he further said: "Continuous expansion of terrorist groups is a reality check for all of us that despite Security Council resolution 2462 to counter the financing of terrorism (CFT), its implementation by the member states remains challenging for reasons including the lack of political will."

Parihar also emphasised that recent trends of new financial and payment technologies methods have enabled terrorist groups to exploit them for collecting and transferring funds.

"Misuse of blockchain technology, virtual/cryptocurrencies, digital crowdsourcing, prepaid phone cards etc has posed new risks to CFT efforts. The proliferation of fake charities and fake non-profit organisations (NPOs) during the COVID pandemic has further exacerbated this risk," he said.

"The global implementation survey of resolution 1373, adopted by the CTC on November 4 and FATF's latest report (October 2021) on "Jurisdictions under Increased Monitoring", highlights the continued terror-finance risk due to lack of action by a country in our neighbourhood," he added.

Underlining that India is steadfast in its commitment to CFT and has developed over the last few decades the necessary capabilities, legal frameworks, institutions, best practices for CFT, he said that India took measures to bring its financial sectors to international standards including those of FATF.

"An effective multilateral approach to CFT, built on PPP to identify and mitigate new terror-financing risks, strengthening support to financial watchdogs such as FATF to ensure that member states bring their counter-financing structures at par with international standards are needs of the hour today," Parihar added.

( With inputs from ANI )

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