Q.20. Give out the major sources of terror funding in India and the efforts being made to curtail these sources. In the light of this, also discuss the aim and objective of the No Money for Terror (NMFT) Conference recently held at New Delhi in November 2022. [UPSC 2023 GS P-3]

Major Sources of Terror Funding in India:

Terrorist organizations in India rely on various sources to finance their nefarious activities. Some of the significant sources include:

• Illegal Operations:
  • Activities such as drug trafficking, kidnapping, smuggling, and extortion contribute significantly to terror funding.
  • These illicit operations generate funds that are channeled into terrorist activities.
• Supporters and Sympathizers:
  • Donations from individuals who align with extremist ideologies play a crucial role.
  • Both domestic and international sympathizers contribute funds to terror networks.
• Charitable Institutions as Facades:
  • Some non-profit organizations act as a façade for terror groups.
  • They channel funds under the guise of charitable donations, making it challenging to trace the money trail.

Efforts to Curtail Terror Funding in India:

India has implemented several strategies to combat terror financing:

• Cooperation, Coordination, and Collaboration:
  • Intelligence and investigative agencies work together to enhance effectiveness.
  • Strengthening information sharing and coordination is critical.
• Trace, Target, and Terminate Strategy:
  • A comprehensive approach to identify and neutralize terror funding sources.
  • Focusing on disrupting the financial networks that sustain terrorism.
• Strengthening Legal Structures:
  • Harmonizing regulations and strengthening laws to take decisive action against terror financing.
• Preventing Misuse of Next-Generation Technology:
  • Addressing challenges posed by technological advancements, including the dark net and private currencies.

No Money for Terror (NMFT) Conference:

• The NMFT Conference, held in New Delhi in November 2022, aimed to address the global threat of terrorism financing.
• Key Objectives:
  • International Cooperation: The conference emphasized the need for global collaboration to curb terror financing effectively.
  • Awareness and Action: Participants discussed the impact of terrorism on humanity, freedom, and civilization. They recognized that even a single attack is one too many.
  • Rooting Out Terror Financing: The conference focused on strategies to strike at the root of terror financing.
  • Technological Challenges: Discussions included the challenges posed by the dark net and virtual currencies.
  • Building Momentum: India’s efforts in hosting this conference contribute to building global momentum against terror funding.

In summary, India’s multifaceted approach, international cooperation, and conferences like NMFT play a crucial role in countering terror financing and ensuring global security.