 "Terrorism, terrorists")
The External Affairs Committee issued a report, emphasising that virtual currency, online payments, and dark web transactions have attracted great attention from terrorist organisations.
According to a Financial Action Task Force (FATF) report, virtual currencies such as Bitcoin have increasingly been used in various illegal and criminal activities and terror financing.
"The Committee has noted that virtual currency, online payments, and dark web transactions have attracted great attention from terrorist organisations. As per the report of the Financial Action Task Force (FATF) on Money Laundering entitled 'Emerging Terrorism Financing Risks,' virtual currencies such as Bitcoin have increasingly been used in various illegal and criminal activities, facilitating money laundering and terrorist financing," the report said.
It further stated that the committee is aware of the rapid stride in financial technology innovation by terror groups and has desired that the government should work in close coordination with FATF and other bodies to bring about qualitative improvements in the regulatory capacity so that the terrorists do not get new opportunities for financing terrorism and related activities.
Emphasising the need to evolve a global regulatory consensus on bitcoin, the committee urged the government to make coordinated efforts to evolve a global regulatory consensus on bitcoin.
Moreover, the report stated that the committee is aware of the increasing use of internet technology, virtual currency, and online transactions by terror groups and has desired that the government maintain active coordination with the FIUs of other countries to ensure a seamless flow of financial intelligence so as to prevent money laundering and financing of terrorism in the country.
"The government should also explore the opportunity of signing more agreements with the remaining countries and constantly work towards strengthening the collection and sharing of financial intelligence through effective networking of FIUs at national, regional, and international levels," it added.
It also highlighted that India's Financial Intelligence Unit (FIU-IND), responsible for coordinating and strengthening the efforts of national and international intelligence, investigation, and enforcement agencies in pursuing global efforts against money laundering and terrorist financing, has signed 48 agreements with its counterpart FIUs in other countries for the exchange of financial intelligence.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
