India committed to fully implement FATF standards: Union Minister at 'No Money For Terror' conference

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Union Minister of State G Kishan Reddy has stressed on the fact that India is committed to fully implement the FATF standards and establish Anti Money Laundering as well as Countering Financing of Terrorism regimes to dismantle the terror financing networks.

Presenting India's concern over terror financing issues on the second day of the second 'No Money For Terror' conference being attended by 65 countries here, he stressed on the use of blockchain-based cryptocurrencies in the Indian context.

The Minister explained that "virtual assets, especially crypto-currencies offer certain unique advantages to criminals because of their pseudonymous nature, encryption, global reach and low-cost".

At the round table discussion on 'Emerging Technologies and terrorism financing risk', Reddy reminded the gathering of the cyber activities of Falah-e-Insaniyat Foundation, stating that "despite being designated (by the UN), it is active in the cyber world".

He assured the delegates that "the government of India is fully committed to implement FATF standards and establish effective AML (Anti Money Laundering) and CFT (Countering Financing of Terrorism) regimes to dismantle and disrupt the terror-financing networks."

Established in 1989 by the Ministers of its Member jurisdictions, FATF is an inter-governmental "policy-making body" which works to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

The FATF has developed a series of recommendations that are recognised as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction.

The FATF recommendations form the basis for a coordinated response to these threats to the integrity of the financial system and help ensure a level playing field. A First issued in 1990, the FATF recommendations were revised in 1996, 2001, 2003 and most recently in 2012 to ensure that they remain up to date and relevant, and they are intended to be of universal application.

Explaining India's experience with regard to use of cyber world by terrorists, the Minister revealed that some of India's "investigations have revealed that Islamic State had used encrypted platforms and Dark Web for radicalization and recruitment of terrorists, as well as to guide them on how to mobilise funds, purchase weapons and carry out attacks."

Reddy is leading a high-powered five-member Indian delegation, including National Investigation Agency Director General Y.C. Modi, attending the conference, which was hosted by Paris for the first time in April 2018. India would host the next 'No Money For Terror' conference in 2020.

(With Inputs from IANS)