MoS G Kishan Reddy highlights usage of crypto currency for terror financing at global counter terror meet

Pakistan-based Falah-e-Insat Foundation (FIF), continues to be "active in the cyber world" despite being designated a terrorist orgsation, Minister of State for Home Affairs G Kishan Reddy said here at a global ministerial-level conference against terrorism.

Speaking at the round table discussion on 'Emerging Technologies and terrorism financing risk', Reddy here on Thursday presented India's views on two issues related to terror financing.

Reddy, along with National Investigation Agency (NIA) chief YC Modi and officials of IB, Financial Intelligence Unit and External Affairs Ministry, is currently attending a three-day global conference on 'No Money for Terror' here. The conference is a ministerial-level grouping of 70 countries that focuses on countering terror financing, terror and radicalisation.

Falah-e-Insat Foundation (FIF), which is a charity group established by Jamat-ud-Dawa (JuD), which acts as a front orgsation for United Nations proscribed Lashkar-e-Tayyiba (LeT).

LeT has conducted numerous terrorist operations against military and civilian targets since 1993, including the November 2008 attacks in Mumbai, India, which killed approximately 164 persons and injured hundreds more.

Early this year, Pakistan had put, JuD and FIF under watch by Ministry of Interior under section 11-D-(1), Schedule-II of the Anti Terrorism Act 1997.

Explaining India's experience with regard to use of cyber world by terrorists, Reddy revealed that some of India's "investigations have revealed that ISIS had used encrypted platforms and Dark Web for radicalization and recruitment of terrorists, as well as to guide them on how to mobilise funds, purchase weapons and carry out attacks."

He assured the delegates that "the Government of India is fully committed to implement Financial Action Task Force (FATF) standards and establish effective AML and CFT regimes to dismantle and disrupt the terror-financing networks."

Stressing the use of blockchain-based cryptocurrencies in the Indian context, he explained that "virtual assets, especially crypto-currencies offer certain unique advantages to criminals because of their pseudonymous nature, encryption, global reach and low-cost".

At the inaugural session, the minister stressed India's concern over the "tacit support" that some nations are extending to terror groups breeding on their soil, in an apparent reference to Pakistan. Reddy called for a global concerted effort to fight against the global menace.

The first "No Money for Terror" conference was held in France. The minister also announced that India will host the next edition of the global conference in 2020.

( With inputs from ANI )