TERROR FINANCING

Terrorism finance (TF) has been termed as the life blood of terrorism, one of the most important factors sustaining its continuing threat, both from within and without.

Recent Development-

 India along with major world economies participated in the first-ever global meeting being held in Paris to discuss and evolve mechanisms to combat the clandestine and largely undetected terrorist financing  network of the Islamic State terror group.

Aim of the meeting was to deal with subjects of money laundering and combating the financing of terrorist was Organised by Financial Action Task Force (FATF) Secretariat office.

Objective:

 To discuss actions jurisdictions are taking and need to take to combat the financing of the ISIS

 To Broader opportunities to strengthen global efforts to combat the financing of terrorism

What is FATF  ?

The FATF is an inter-governmental body established in 1989 and is mandated to set global protocols and  standards to combat money laundering and other financial crimes with direct ramifications to terrorist acts  across the globe.

India is a full-member of this reputed global body along with 33 other nations.

 A report by the FATF early this year had underlined the “complicated” pattern of funding being

deployed to mobilise ISIS terrorists and in secretly moving their deadly weapons and ammunition –

 The report said its preliminary investigations found that the group was generating terror funds by using  illicit proceeds from occupation of territory, such as bank looting, extortion, control of oil fields and refineries, kidnapping for ransom, donations including by or through non-profit organisations, fund raising through modern communication networks.