India flags crypto link with terror groups at UN

Emphasising that the new financial and payment technologies methods including cryptocurrencies and digital crowdsourcing are enabling terror groups for collecting and transferring funds, India at UN on November 18 urged member states to strengthen counter-financing structures at par with international standards to curb terrorism.

Speaking at UNSC special joint meeting, Rajesh Parihar, First Secretary, India's Permanent Mission to UN, said: "Misuse of blockchain technology, virtual/cryptocurrencies, digital crowdsourcing, prepaid phone cards etc. have posed new risks to Combating the Financing of Terrorism (CFT) efforts. The proliferation of fake charities and fake non-profit organisations (NPOs) during the Covid pandemic has further exacerbated this risk."

The United Nations Security Council meeting was on Terrorist Financing Threats and Trends and the Implementation of Security Council Resolution 2462.

India also asked the international community to call out the States who wilfully provide financial assistance, safe havens to terrorists and hold them accountable.

Underlining that India is steadfast in its commitment to CFT and has developed over the last few decades the necessary capabilities, legal frameworks, institutions, best practices for CFT, Parihar said that India took measures to bring its financial sectors to international standards including those of FATF.

Indian Prime Minister Narendra Modi has urged democracies around the world to ensure that cryptocurrencies or bitcoin do not end up in the wrong hands and spoil the youth.

Delivering a keynote address at The Sydney Dialogue, PM Modi said that it is essential for democracies to work together to create standards and norms for data governance.

"It should also recognise national rights and, at the same time, promote trade, investment and the larger public good," he said.

(ANI)