India moving in right direction: ‘Following the money’ is key to counter terrorism
With each passing year, the economic and financial dynamics of terrorism have rapidly evolved and diversified. From offshore financial centres to cryptocurrency, crowdfunding to social media platforms, terror outfits have adapted and innovated with alarming efficiency to raise and manage their funds. As India hosts the No Money for Terror summit, it’s evident that “following the money” is essential to counter terrorism. There is nearly universal consensus that terrorist funding is poorly understood and therefore extremely difficult to control. Despite years of analysis and research, the amount of information on the channels of funding remains woefully inadequate. The International Monetary Fund estimates that the amount of money laundered globally each year to be between 2 per cent and 5 per cent of the world’s GDP, which is $800 billion. Even if just a small proportion of these laundered funds are used to carry out terrorist activities, the damage can be enormous. India has had to