India is the forefront of fighthing the menace of money laundering, which has a direct link with terrorism, India's Sherpa to G20 and G7 Suresh Prabhu said on Monday.
Addressing a virtual 'AML/CFT Conference 2020', Prabhu said that criminally-minded people use terrorism, and by and large, the kind of terrorism the world is facing is motivated by ideology.
"India is at the forefront of fighting money laundering. It is possible to stop terrorism by stoping money laundering... there is a direct link between money laundering and terrorism," he said.
Prabhu, a Rajya Sabha member and a former Union minister, also pointed out that the money that goes into terrorism is laundered money created from illegal sources.
"... the entire activity of converting bad money into clean money is called money laundering activity," he said, adding that many countries have globally acted against it.
He noted that India has also taken several measures to deal with money laundering activities and that it is cooperating with other countries to curb such activities.
(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.)
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