India suggests move to choke funding of terror groups

Jaishankar pointed out that international cooperation and concerted action against terrorists and their sponsors are critical to defeat this scourge

In a bid choke international terror groups of funds, India on Friday proposed a five-pronged approach, including keeping a strict watch on emerging virtual currencies and breaking the backbone of illicit drugs and arms trafficking besides ensuring that the sanctions regime is transparent.

“We all know that money is the lifeblood of terrorism. Terrorist organisations require funds and resources to maintain their organisational functions and undertake activities. The reality that terrorism continues to exist and expand points to an underlying truth: that terrorism continues to get the necessary financial resources to thrive,” External Affairs Minister Dr S Jaishankar said at the UN Security Council’s Mumbai meeting on combating terrorism financing.

“Effective and sustained efforts at countering terror financing is at the heart of the issue of countering terrorism. Normative efforts at the UN need to be coordinated through collaboration with other fora like the Financial Action Task Force (FATF) and the Egmont Group,” he said.

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“We need to ensure the effective and transparent functioning of the Security Council sanctions regime and make sure that they are not rendered ineffective for political reasons. Objective and evidence based proposals for listing of terrorist groups, especially those that curb their access to financial resources must be seen through,” the External Affairs Minister said.

Jaishankar pointed out that international cooperation and concerted action against terrorists and their sponsors, including through dismantlement of terrorist safe havens, sanctuaries, training grounds and financial and ideological as well as political support structures, are critical imperatives to defeat this scourge.

“Terrorism’s nexus with transnational organised crime, illicit drugs and arms trafficking is now well established. It is important that we recognise these linkages and strengthen multilateral efforts to break them,” he said.

“Over the years, terrorist groups have diversified their funding portfolio. They have also begun to exploit the anonymity afforded by new and emerging technologies such as virtual currencies for fundraising and finances. In this regard, we look forward to the deliberations at the Special Meeting of the Committee in New Delhi to provide innovative solutions for the international community to consider,” he added.