No Money For Terror Conference - UPSC Notes | Testbook.com

About the No Money For Terror Conference

The NMFT Ministerial Conference serves as an international platform for sharing expertise and best practices in the fight against terror financing.

Previous Conferences

• The inaugural No Money For Terror (NMFT) conference took place in Paris, France, in April 2018. Representatives from various countries and international organizations met to discuss strategies to counter the financing of Daesh and Al-Qaeda.
• The second NMFT conference was hosted by Melbourne, Australia, in November 2019. Participants agreed to promote international and regional cooperation and enhance their capabilities to counteract the financing of terrorism, in accordance with United Nations Security Council Resolution 2462 (2019) and the global standards set by the FATF (Financial Action Task Force).

Highlights of the Third NMFT Ministerial Conference

The third NMFT Ministerial Conference on Counter Terrorism Financing took place in New Delhi with 93 countries and various multilateral organizations participating.

• The third edition of the NMFT conference garnered global attention as it was hosted by India, a country known for its zero-tolerance stance towards terrorism.
• The conference was orchestrated by the National Investigation Agency (NIA), under the guidance of the Ministry of Home Affairs (MHA).
• Delegates spent two days discussing trends in terrorist financing, challenges posed by formal and informal channels for illicit fund transfers, emerging financing technologies, and the importance of international cooperation in combating terrorist financing.
• The conference provided a forum for countries and other organizations to evaluate the current international regime on Counter Terrorism Financing and identify necessary steps to address emerging challenges.
• India reiterated its commitment to the FATF’s AML (Anti-Money Laundering)/CFT (Countering Financing of Terrorism) standards and domestic and international laws, encouraging the continued work of the FATF in implementing these standards and related guidelines.
• India proposed the establishment of a Permanent Secretariat for the “No Money For Terror” initiative in the country.

Additional Global Events Hosted by India

• In October 2022, India hosted the annual General Assembly of the Interpol in Delhi.
• A special session of the UN Counter Terrorism Committee (CTC) was held in Mumbai & Delhi.

Key Sessions of the NMFT Conference

The conference was divided into four sessions, each focusing on different aspects of terrorism and its financing.

1. Global trends in terrorism and terrorist financing.
2. Utilization of formal and informal channels for terrorist funding.
3. Emerging technologies in terrorist financing.
4. International cooperation to tackle challenges in combating terrorist financing.

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