PM pushes ‘economic sanctions’ to choke money flow to terrorists | india | Hindustan Times
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PM pushes ‘economic sanctions’ to choke money flow to terrorists

Prime Minister Narendra Modi on Wednesday made a strong pitch for “targeted economic sanctions” to choke terror funding, including from “state sponsors”.

india Updated: Nov 19, 2015 01:50 IST
HT Correspondent
PM Narendra Modi said that the terror attack in Paris was a “grim reminder” of terrorists’ adaptability.
PM Narendra Modi said that the terror attack in Paris was a “grim reminder” of terrorists’ adaptability.(PTI Photo)

Prime Minister Narendra Modi on Wednesday made a strong pitch for “targeted economic sanctions” to choke terror funding, including from “state sponsors”. He said that the “dastardly” terror attack in Paris was a “grim reminder” that terrorists show “remarkable flexibility and adaptability” in meeting funding requirements.

“They derive funding from a variety of criminal activities which include smuggling of narcotics, bank robbery, vehicle theft, fake currency or from state sponsors and activities in failed states. Disrupting fund flows constrains the capabilities of terrorists and reduces their ability to execute attacks,” the PM said in his keynote address at the sixth Global Focal Point Conference on Asset Recovery conference.

Saying that his government is “unsparing when it comes to punishing the corrupt”, he said that he has taken several steps to make the bureaucracy more efficient, performance-oriented and accountable while “protecting them from frivolous allegations”.

“We have so far removed and ensured pension cuts of 45 senior officers of various services for unsatisfactory performance and delivery in public service,” Modi said. He invoked ancient Indian philosopher Kautilya to advocate the confiscation of offenders’ property, which “not only serves as punishment but also discourages commission of crime”.

Calling “globalisation of organised crime” a “major threat” to global economies, Modi said that it was a well-known fact that ‘dirty money’ drove out ‘good money’.

The PM said the government was committed to the implementation of a “uniform global standard on Automatic Exchange of Information, on a fully reciprocal basis” to facilitate exchange of information regarding persons who have concealed their money in offshore financial centres and tax havens.

Delivering his speech in a packed auditorium that included national security adviser Ajit Doval, CBI director Anil Sinha, Interpol chief Jurgen Stock and 88-odd delegates from 51 countries, Modi commended CBI’s upcoming projects.