PM seeks targeted economic sanctions to curb terror funding

Says terrorists derive funding from narcotics, bank robbery, vehicle thefts, fake currency or from state-sponsored activities in failed states

Pushing for "targeted economic sanctions" to disrupt fund flows for terrorists, Prime Minister Narendra Modi today said the dastardly attacks in Paris were a grim reminder that terrorists have shown remarkable flexibility in arranging finances.

Modi said the terrorists derive funding from a variety of criminal activities which include smuggling of narcotics, bank robbery, vehicle thefts, fake currency or from state sponsored activities in failed states.

"The dastardly acts committed in Paris a few days ago are a grim reminder that terrorists have shown remarkable flexibility and adaptability in meeting their funding requirements.

"Disrupting fund flow constrains the capabilities of terrorists and reduces their ability to execute attacks," he said addressing the sixth Global Focal Point Conference on Asset Recovery and 21st conference of CBI and state anti- corruption and vigilance bureaux.

"This involves putting in place both systemic safeguards, and targeted economic sanctions based on credible counter-terrorism intelligence," Modi told the gathering of investigators from 33 countries.

Some of the countries were unable to take part in the meet following cancellation of flights in the wake of Paris attacks, CBI officials said.

The Prime Minister said targeting proceeds of crime is an important elements in the fight against crime and sought international cooperation in this regard.

"There is an imperative need to focus our efforts to enhance international co-operation in the field of asset recovery for fighting crime, corruption and terrorism," he said.

Globalisation of organised crime poses a major threat to economies throughout the world and it is a well known fact that dirty money drives out good money, he warned.

"Organised crime can hamper investment and economic growth. It can also infiltrate or control a large section of economy. Illicit funding promotes organised criminal activities like drug trafficking, arms trafficking, human trafficking and terrorism," he said.