United Nations: India, which chairs the UN Security Council`s Counter-Terrorism Committee, has called on the international community to give priority to tackling the threat posed by terrorist financing, saying terrorists have exploited advances in technology to raise and move funds.
"With international community`s concerted efforts spanning over a decade, the use and abuse of the formal banking system is more difficult and more expensive for terrorists than ever before" India`s Permanent Representative to the UN Hardeep Singh Puri, chairman of the committee, said.
Despite the progress, terrorists continue to exploit advances in technology and have been able to find ways and means in raising and moving funds, Puri said at a special meeting on `Preventing and suppressing terrorist financing` here yesterday.
Puri said it is imperative for member states and the international community to continue to update and strengthen the legal, regulatory and institutional framework in combating the challenge.
Puri said the international financial system is the first line of defence against terrorist financing.
He added that the Financial Action Task Force (FATF) has been an important partner of the Committee in dealing with terrorist financing.
"The committee recognises that combating the terrorist financing threat is a complex and highly technical undertaking," he said adding that the committee is supportive of efforts to provide assistance to member states in implementing the UN instruments that tackle the threat in accordance with international law.