Pakistan-based terror group LeT's frontal organisation Falah-e-Insaniyat Foundation, established by India's most wanted terrorist Hafiz Saeed, remains active in the cyberspace despite being designated by the UN, Union Minister G Kishan Reddy said on Friday.
The minister of state for home also said India's investigations have revealed that dreaded Middle-East terror group ISIS has used encrypted platforms and the dark web to radicalise people and recruit terrorists.
Reddy was addressing a gathering on the second day of the 'No Money for Terror' conference in Melbourne.
The minister, at a round table discussion on 'Emerging Technologies and Terrorism Financing Risk', reminded the gathering of the cyber activities of the Falah-e-Insaniyat Foundation, stating that "despite being designated, it is active in the cyber world".
Falah-e-Insaniyat Foundation founder Hafiz Saeed is also the chief of the Lashkar-e-Taiba.
Reddy also highlighted the use of cryptocurrency in terror financing.
While presenting India's views on issues related to terror financing, he assured delegates that the government of India is fully committed to implement financial action task force standards and establish effective anti-money laundering and countering financing of terrorism regimes to dismantle and disrupt terror-financing networks.
Stressing the use of blockchain-based crypto currencies in the Indian context, the minister explained that "virtual assets, especially crypto currencies offer certain unique advantages to criminals because of their pseudonymous nature, encryption, global reach and low-cost".
Explaining India's experience with regard to use of the cyberspace by terrorists, he said some of India's investigations have revealed that ISIS had used encrypted platforms and the dark web for radicalisation and recruitment of terrorists, as well as to guide them on how to mobilise funds, purchase weapons and carry out attacks.
Reddy is leading a high-powered five-member delegation, including Director General of the National Investigation Agency Y C Modi, at the international conference, being attended by 65 countries.
The 'No Money For Terror' conference is organised by Financial Intelligence Units of over 100 countries, jointly called The Egmont Group.
Recognising the importance of international cooperation in the fight against money laundering and financing of terrorism, a group of FIUs met a few years ago at the Egmont Arenberg Palace in Brussels, Belgium, and decided to establish an informal network of FIUs for the stimulation of international co-operation.
Money laundering and financing of terrorism are serious crimes that threaten to destabilise the global economy.
The Egmont Group was created to provide FIUs around the world a forum to exchange information confidentially to combat money laundering, financing of terrorism and other predicate offences.
The 'No Money For Terror' conference was held less than a month after the international terror financing watchdog FATF put Pakistan on notice, warning the country that it will be blacklisted if it does not control terror funding by February next.
By making its decision on Pakistan public, the Paris-based FATF has given notice to the global financial institutions that they need to prepare to red flag the jurisdiction and ready their systems in February 2020 if the country falters in meeting the targets.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)