Which of the following best explains the primary objective of the No Money for Terror (NMFT) Conference?
(a) To promote cashless transactions to prevent illicit financial flows in developing countries.
(b) To develop an international treaty that bans cryptocurrency usage in global financial systems.
(c) To strengthen global cooperation in tracking and preventing terror financing.
(d) To create a single global regulatory body for anti-money laundering (AML) compliance.
Solution: C
Option a is incorrect – While cash transactions are a concern in terror financing, the NMFT Conference is focused on broader financial tracking mechanisms.
Option b is incorrect – NMFT does not ban cryptocurrencies, but it discusses their potential misuse in financing terrorism.
Option c is correct – NMFT provides a platform for intelligence-sharing, legal cooperation, and policy formulation to curb terror financing globally.
Option d is incorrect – There is no single regulatory body under NMFT; rather, it works with FATF, UN agencies, and national governments.
About No Money for Terror (NMFT) Conference:
What is NMFT?
A global ministerial-level initiative aimed at combating terrorist financing.
Platform for intelligence sharing, legal cooperation, and policy formulation against terror funding.
Established in: 2018, first held in Paris.
Under control of: Financial Action Task Force (FATF) & UN Counter-Terrorism Bodies.
Aim:
Disrupt financial networks of terrorist organizations.
Strengthen global financial monitoring and regulatory frameworks.
Facilitate international cooperation in countering terror financing.
Functions & Features:
Intelligence Sharing: Enhances real-time data exchange on financial transactions linked to terrorism.
Legal Reforms & Regulations: Encourages nations to update counter-terrorism laws and financial tracking systems.
Monitoring Digital Transactions: Addresses cryptocurrency risks, online crowdfunding, and emerging terror financing methods.
Strengthening Banking & Financial Oversight: Works with banks, fintech companies, and financial intelligence units to detect suspicious transactions.
Capacity Building: Provides training, technical expertise, and resources to nations for effective counter-terrorism operations.
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