3rd 'No Money for Terror' Ministerial Conference 2022 addressed by PM Modi

3rd ‘No Money for Terror’ Ministerial Conference 2022 addressed by PM Modi

'No Money for Terror' Conference 2022 is a two day conference organised on 18th-19th November by India in New Delhi. The first “No Money for Terror” conference was held in 2018.

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‘No Money for Terror’ Conference 2022 UPSC Exam

‘No Money for Terror’: Ministerial Conference on Counter-Terrorism Financing is an important international gathering aimed at cutting the funding completely to terror organizations through information sharing and cooperation among various stakeholders. 3rd ‘No Money for Terror’ Ministerial Conference is important for UPSC Prelims Exam (Current Affairs) and UPSC Mains Exam (International Relations and Security).

3^rd ‘No Money for Terror’ Conference in News

Recently, PM Modi addressed the third ‘No Money for Terror’ (NMFT) Ministerial Conference on Counter-Terrorism Financing in New Delhi.
The Prime Minister, Shri Narendra Modi, has strongly asked for avoiding any ambiguity in dealing with terrorism and also warned against nations that use terrorism as a tool of foreign policy.

‘No Money for Terror’ Conference 2022

Background: The “No Money for Terror” conference is an initiative of the French government to specifically focus on cooperation between countries to choke terror funding.
- The first “No Money for Terror” conference was held in 2018.
About: ‘No Money for Terror’ Conference 2022 is a two day conference organised on 18th-19th November by India in New Delhi.
Mandate: it will offer a unique platform for participating nations and organisations to deliberate on the effectiveness of the current international regime on Counter Terrorism Financing and the steps required to address emerging challenges.
Significance: The ‘No Money for Terror’ Conference 2022 will build on gains and learnings of the previous two conferences (held in Paris in April 2018 and in Melbourne in November 2019).
- It will also work towards enhancing global cooperation to deny finances to terrorists and access to permissive jurisdictions to operate.
Participation: It will be attended by about 450 delegates from across the world, including Ministers, Heads of Multilateral organisations and Financial Action Task Force (FATF) Heads of Delegations.

Financial Action Task Force (FATF): Composition, Functions, and Its Fight against Terror Financing

Key Sessions under ‘No Money for Terror’ Conference 2022

During the Conference, deliberations will be held in four sessions which will focus on-

‘Global Trends in Terrorism and Terrorist Financing’,
‘Use of Formal and Informal Channels of Funds for Terrorism’,
‘Emerging Technologies and Terrorist Financing’ and
‘International Co-operation to Address Challenges in Combating Terrorist Financing’.

What is FATF?

About FATF: It is the global money laundering and terrorist financing watchdog.
- FATF is an inter-governmental body, established in 1989 during the G7 summit in Paris, France.
FATF Secretariat: located at the Organization for Economic Cooperation and Development (OECD) headquarters in Paris.
Organizational composition: It currently comprises 37 member jurisdictions and 2 regional organizations. It also has observers and associate members.
- India is a member of the organization since June 2010. It had earlier acquired ‘Observer’ status at FATF in 2006.
The FATF Plenary: is the decision-making body of the FATF which meets thrice a year.
FATF President: S/he is a senior official appointed by the FATF Plenary from among its members, having a two-year tenure.
- S/he convenes and chairs the FATF Plenary and the Steering Group meetings, and he/she oversees the FATF Secretariat.
- The President is the principal spokesperson for the FATF and represents the FATF externally.

What are the lists of Countries Prepared by FATF?

Grey List: Countries that are considered safe-heaven for supporting terror funding and money laundering are put in the FATF grey list.

- This inclusion serves as a warning to the country that it may enter the blacklist.
- Pakistan was retained in the grey list because it was unsuccessful in prosecuting the top leadership of UN Security Council-designated terror groups which include Lashkar-e Toiba, Jaish-e Mohammad, and Al Qaeda.

Black List: Countries known as Non-Cooperative Countries or Territories (NCCTs) are put on the blacklist. These countries support terror funding and money laundering activities.