Nityanand Rai attends 4th No Money for Terror Conference in Munich

Nityanad Rai, Union Minister of State for Home Affairs, led the Indian delegation at the 4th Ministerial Conference on ‘No Money for Terror’. The 4th No Money for Terror conference was hosted by the German government in Munich, Germany on 13th February 2025.

More than 200 high-level officials and experts from the Egmont group of countries and key international organisations took part in the conference. 

• The previous 3rd No Money for Terror Ministerial Conference was hosted by the Indian government in New Delhi on 18-19 November 2022.
• The first No Money for Terror Ministerial Conference was hosted by France in Paris in 2018.
• The second No Money for Terror Ministerial  Conference was hosted by the Australian government in Melbourne, Australia, in 2019.

Objective of the Conference 

The main objective of the Conference is to further international cooperation in stopping the financing of terrorism and organised crime.

• The conference discussed ways to enhance multi-national cooperation and strengthen the Financial Intelligence Unit (FIU) of the member countries in combating the financing of terrorism.
• Union Minister Nityanand reiterated the proposal of India to create a permanent secretariat of the No Money for Terror to make it a permanent body.
• This proposal was first put forward by Union Minister Home Minister Amit Shah during his speech at the closing session of the third No Money for Terror Ministerial Conference in New Delhi in 2019.

What is the Egmont Group?

• The Egmont Group was established in 1995.
• Its main aim is to strengthen and facilitate secure information sharing amongst its members to combat money laundering, terrorist financing, and other predicate crimes.
• Members- 177 countries' Financial Intelligence Unit (FIU) are members of the Egmont Group.

Headquarters: Canada

What is a Financial Intelligence Unit (FIU)?

• The Financial Intelligence Unit (FIU) is the apex body within a country that receives and analyzes suspicious financial transaction reports and other reports regarding money laundering and terrorist financing. 
• The FIU shares the relevant information with the other law enforcement agencies of the country.
• In India, the FIU comes under the Income Tax Department under the Union Ministry of Finance.

Money Laundering 

Money laundering refers to an attempt by a person or organisation who knowingly or unknowingly is involved in converting the proceeds of a crime into untainted property.

In simple language, it means the conversion of black or illegal money into legal or untainted money. 

Here black money means money that has been earned through illegal means like bribery, extortion, smuggling, etc.

In India the, Prevention of Money Laundering Act (PMLA) 2022.which came into effect from 1st July 2005 deals with money laundering.