‘No Money for Terror’ Conference (NMFT)

  • November 15, 2022
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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‘No Money for Terror’ Conference (NMFT):

Subject: International relations

Context:

  • The Ministry of Home Affairs will be organising the Third Ministerial ‘No Money for Terror’ Conference next week where participants from around 75 countries are expected to attend.

What is the NMFT conference:

  • The Ministerial No Money for Terror (NMFT) Conference aims to create platform for international discussions on countering terror financing.
  • The ”No Money For Terror” conference is organised by Financial Intelligence Units (FIUs) of over 100 countries, jointly called The Egmont Group.
  • Recognising the importance of international cooperation in the fight against money laundering and financing of terrorism, a group of FIUs met a few years ago at the Egmont Arenberg Palace in Brussels, Belgium, and decided to establish an informal network of FIUs for the stimulation of international co-operation.
  • The Egmont Group was created to provide FIUs around the world a forum to exchange information confidentially to combat money-laundering, the financing of terrorism and other predicate offences.
  • The conference includes discussions on technical, legal, regulatory and cooperative aspects of the terrorism financing.
  • It aims to set pace for other high-level official and political discussions focusing on terror finance.
  • The inaugural edition of this conference was held in Paris, France, in 2018. The second edition of the NMFT took place in Melbourne, Australia, in 2019.
  • The third edition was set to take place in India in 2020 but was postponed because of COVID-19 pandemic that caused the global-level restrictions on travel.

What are the focus areas of the 3rd NMFT conference:

  • Discussions at the 3rd NMFT conference will focus on global trends of terrorism and terrorist financing, emerging technologies’ role in terrorism financing and importance of global cooperation to address related challenges.
  • The meeting will seek global cooperation in addressing the challenges in countering terror funding obtained via formal and informal channels.
  • It will focus on the role of cryptocurrency in funding terrorist activities. It will deliberate on the concerns related to the decentralized nature and the lack of regulation of cryptocurrencies.
  • The focus will also be given to dark web’s role in promoting transfer or crowdsourcing of funds for terrorism.
  • It also aims to strengthen the role of Financial Action Task Force (FATF) in setting global standards that can create an effective mechanism to combat terror funding.
‘No Money for Terror’ Conference (NMFT) International Relations