Hyderabad: On the second day of the 2nd ‘No Money For Terror’ Conference at Melbourne (November 7 & 8, 2019), Union Minister of State for Home Affairs G. Kishan Reddy presented India’s views on two issues related to Terror Financing.
At the round table discussion on ‘Emerging Technologies and Terrorism Financing Risk’, the Minister reminded the gathering of the cyber activities of Falah-e-Insaniyat Foundation, that “despite being designated (by the UN), it is active in the cyber world”. He assured the delegates that “The Government of India was committed to implement FATF standards and establish effective AML and CFT regimes to dismantle and disrupt the terror-financing networks.”
Stressing the use of block chain-based crypto currencies in the Indian context, he explained that “virtual assets, especially crypto-currencies offer certain unique advantages to criminals because of their pseudonymous nature, encryption, global reach and low-cost”. Explaining India’s experience with regard to use of cyber world by terrorists, he revealed that some of India’s “investigations have revealed that ISIS had used encrypted platforms and Dark Web for radicalization and recruitment of terrorists, as well as to guide them on how to mobilize funds, purchase weapons and carry out attacks.”