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Cryptocurrencies, digital crowdsourcing enabling terror groups, says India at UN – ET Government

Noting that new methods of financial and payment technologies, including cryptocurrencies and digital crowdsourcing, allow terrorist groups to raise and transfer funds, India at the UN on Thursday (local time) urged states members to strengthen counter-financing structures to the same level as international standards to fight terrorism.

Speaking at a special joint meeting of the United Nations Security Council, Rajesh Parihar, First Secretary of the Permanent Mission of India to the United Nations, said: “The misuse of blockchain technology, virtual currencies / cryptocurrencies, digital crowdsourcing, prepaid phone cards, etc. have posed new risks for the Counter Terrorist Financing (CFT) efforts. The proliferation of bogus charities and fake nonprofit organizations (NPOs) during the COVID pandemic has further exacerbated this risk. “

“An effective multilateral approach to CFT, based on PPPs to identify and mitigate new terrorist financing risks, strengthen support for financial supervisory bodies such as the FATF to ensure that member states put their counter-financing structures in place at the same level as international standards are needs of the moment today “, added Parihar.

The United Nations Security Council meeting focused on threats and trends in terrorist financing and the implementation of Security Council resolution 2462.

India has also called on the international community to call on states that voluntarily provide financial aid, havens to terrorists and hold them to account.

“India is committed to supporting and strengthening the efforts of the UN to assist Member States lacking in Counter-Terrorism Financing (CFT) capacities by providing them with financial support,” he said. declared.

“The continued expansion of terrorist groups is a reality for all of us, because despite Security Council Resolution 2462 to Combat Terrorist Financing (CFT), its implementation by member states remains difficult for reasons such as the lack of political will, ”he added. .

Speaking further, he said: “The Global Inquiry into the Implementation of Resolution 1373, adopted by the TCC on November 4 and the FATF’s latest report (October 2021) on“ jurisdictions under increased scrutiny ” , highlights the persistent risk of terrorist financing due to lack of action. by a country in our neighborhood. “

Emphasizing that India is steadfast in its commitment to CFT and has over the past decades developed the necessary capacities, legal frameworks, institutions and best practices for CFT, Parihar said India has taken action to bring its financial sectors up to international standards, including those of the FATF. .

“An effective multilateral approach to CFT, based on PPPs to identify and mitigate new terrorist financing risks, strengthen support for financial supervisory bodies such as the FATF to ensure that member states put their counter-financing structures in place at the same level as international standards are needs of the moment today “, added Parihar.

Yesterday Indian Prime Minister Narendra Modi urged democracies around the world to ensure that cryptocurrencies or bitcoins don’t end up in the wrong hands and spoil the youth.


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