Amit Shah proposes a permanent secretariat for counter terror financing at the ’No Money for Terror' conference iin New Delhi

Tags: place in news Summits Person in news

The Indian Home Minster Amit Shah proposed a permanent secretariat for institutions focused on countering terror financing built on the ‘No Money for Terror’ conference initiative. He was speaking at the closing session of the third 'No Money for Terror' conference in New Delhi on 19 November 2022.

The two day (18 and 19) conference was organized by India’s premier anti-terrorism agency, National Investigation Agency (NIA).

Amit Shah said that ‘India has sensed the need for permanency of this unique initiative of NMFT (no money for terror), in order to sustain global focus on countering the financing of terrorism.’ He offered India as the host of such a proposed secretariat.

Quoting the International Monetary Fund and World Bank report he said that “criminals across the world launder close to $2 trillion to $4 trillion every year. A major part of this goes in fuelling terrorism.”

However many of the delegates which participated in the conference feels that it will duplicate the other International anti-terror body Financial Action Task Force (FATF).

A total of 72 countries and close to 15 multilateral anti-terror organisations attended the third edition of the conference. China did not attend the conference, while Pakistan was not invited.

Sri Lanka and Jamaica have called for institutionalizing the conference annually.

The first meeting of this kind took place in Paris, France, in 2018, and the second one took place in Melbourne, Australia, in 2019.