India With UNSC To Deal With Any susipicious activity regarding Cyberspace in Terrorism Financing

  • Money washing and terrorism triggered through the new financial technologies.
  • Anonymity conferred by digital asset space eases terrorism funding.

Ever-growing innovations within the virtual space, mainly in the digital finance arena, has elevated the worries of global policy makers. In the United nations Security Council (UNSC) briefing on Monday, T.S. Tirumurti, Indian Ambassador &amp Representative, announced the proposal for hosting the council’s counter-terrorism meeting in India. He emphasized the need to deal with the ‘dire threats’ connected using the malicious terrorist exploitation of digital technologies.

He highlighted:

“The convenience, anonymity, and intractability provided by them have enabled terrorist entities to gather and transfer funds evading the financial and enforcement structures.”

Innovative Fintechs in Terrorist Fundraiser

Tirumurti also highlighted the elevated utilization of artificial intelligence (AI), 3D printing, and NFTs by terrorists. The particular groups begin using these innovative techs to help ease their global recruitment and execution of numerous anti-social plans.

Terrorists still exploit new payment methods (NPMs) for example prepaid prepaid calling cards, mobile payments, along with other online payment systems. Especially, they will use prepaid prepaid calling cards as illicit options for cash.

In the UNSC briefing, the representative highlighted the important participation of internet funding methods for example direct donations, crowdfunding platforms, and NFTs in terrorist fundraiser,

When Terrorist financiers adopted cryptocurrencies and blockchain technologies for fundraiser, a couple of governments walked as much as go for blockchain analysis to get rid of the illicit process.  In late June 2022, the Israeli Government grew to become the first one to seize a crypto-related financing operation of Hamas, the terrorism wing from the al-Qassam brigade. A current report from Chainalysis, a blockchain analysis software, revealed this seizure of cryptos for example Bitcoin, Ether, Tether, XRP, along with a couple of more.

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