Prime minister Narendra Modi while addressing the third ‘No Money for Terror’ Ministerial Conference brought out his strong conviction towards curbing all forms of terrorism.
India, for the first time, is hosting this “No Money for Terror” Ministerial Conference.
This is the 3rd such meet and the first to take place in India, the earlier two being in Paris ( 2018 ) and Melbourne ( 2019 ).
The Prime Minister of India highlighted in the meeting today that terrorism is a threat to the entire human race. He said the long-term impact of terrorism is particularly hard on the poor and on the local economy. He said, “Be it terrorism or tourism, nobody likes an area that is constantly under threat.” The Prime Minister has also shown his strong conviction in the zero-tolerance approach to defeating terrorism.
The two-day conference organized on November 18 and 19 will offer a unique platform for participating nations and organizations to deliberate on the effectiveness of counterterrorism.Â
What is this ‘ No Money For Terror ‘ conference and when did it start?
It was brought up by France in 2018 with the aim to create a forum to bring in international cooperation and talks concerning terror financing. To discuss the key aspects and develop strategies with the help of the Financial Action Task Force ( FATF) to check terror financing.
What is terror financing? What challenges does it impose?
The 26/11 Mumbai attack, the earlier 2001 Indian Parliament attack, and the recent Pulwama and Uri airbase terrorist acts all owe their existence to terror organizations that survive on this terror financing.
Terrorist financing is the activity of providing money, largely in an illegitimate and illegal way, to terror-spreading extremist organizations. Al-Qaeda and Jaish-e-Muhammad are among their top seekers. Black marketing, the Hawala systems are used to facilitate terror funding. Several NGOs, and organizations also indulge in this activity.
Terrorist financing imposes a direct challenge to the sovereignty and integrity of the nation. It harms internal and external peace, security, and stability. It is unfavorable for the larger public interest and faces a huge threat from it. Terrorist financing has a negative impact on the taxpayers’ hard-earned money. Thus, it is important for the global communities to join and address the problem of radicalization and extremism together as said by PM Modi, “Uploading terrorism needs a larger proactive systematic “.Â
