India to call for efforts to control terror finances during UNSC’s August presidency


India will utilise its month-long presidency of the UN Security Council (UNSC) in August to call for concerted efforts to control financial resources of terrorist groups, including ISIL, and will present a suggestion to enhance UN’s coordination with the Financial Action Task Force (FATF).

India would be organising a briefing at ministerial level during August presidency on ‘Threats to international peace and security caused by terrorist acts’ to draw attention of the council members on the need for controlling finances to fight global terrorism, official sources told ET. The meeting is expected to be attended by several ministers from member states of the United Nations Security Council.

India will be assuming the monthly presidency of the UN Security Council on August 1. This will be India’s first presidency of the Security Council during its current term as a non-permanent member for the term 2021-22. India last held the presidency of the Security Council in November 2012.

India to Call for Efforts to Control Terror Finances During UNSC’s Aug Presidency

Preventing terrorists from accessing financial resources is crucial to successfully countering the threat of terrorism. Over the years, terrorist groups have developed a diversified funding portfolio through a range of criminal activities, including extortion, kidnapping, money laundering, drug smuggling, and trafficking of natural resources, humans, and antiquities, explained one sources in the know. Terrorist organizations have also begun to exploit the anonymity afforded by block chain technology for fundraising and finances, the source added.

The linkages between terrorism and transnational organized crime must be fully recognized and addressed vigorously, pointed out another source. In order to effectively address the global threat from ISIL, there is urgent need to enhance concerted efforts to stop financial channels of terrorist groups, said the source adding, in this regard, there is a strong case to enhance UN coordination with the FATF.



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