Sinha suggests 7-point plan against financing of terror

OTTAWA (CANADA), NOV. 17. The Finance Minister, Mr. Yashwant Sinha, has called for a ``united, comprehensive and truly global action'' against the financing of terror and money laundering.

Speaking at the working dinner meeting of G-20 nations here last night, Mr. Sinha said combating the financing of terror had become crucial for developed as well as developing countries. ``Terrorism seeks to detract them from paying focussed attention on developmental activities, besides retarding capital and investment flows and generating a heightened sense of risk.''

He conveyed full and unreserved support of India to such global action. The Finance Minister suggested a seven-point action plan against financing of terror. This involves immediate ratification and implementation of the U.N. resolutions and instruments, including through setting up of legislative mechanisms by all countries.

Countries should set up vigorous and efficient watch over the suspected transactions of individuals and organisations and ensuring prompt action to immobilise assets of terrorists. It was also important to collect information, collate it and analyse with a view to identifying any links with terrorism.

Mr. Sinha said there was a need for exchanging information and intelligence with countries concerned where such funds may be originating from or destined to or being used in transit or finally.

It was necessary to check and identify front organisations and other individuals through banking and other financial channels under the principle `know thy customer'. The Minister said it was important to impose checks on informal money transactions either for laundering or financing of terror. He said relentless, sustained and vigorous efforts need to be taken to combat ``this menace'' with necessary anticipation of more imaginative modalities to check newer methods of terrorists to draw financial sustenance.

Mr. Sinha said by concentrating on development and growth and taking appropriate steps to accelerate the pace of alleviation of poverty, it was important to induce an environment in which the frustrated and misguided sections of communities in developing countries could come to nurture a hope within themselves and a stake in the future. ``The hopelessness is to be replaced with hope.''

Earlier in the day, Mr. Sinha had wide-ranging discussions with the U.S. Treasury Secretary, Mr. Paul O'Neill, on matters of bilateral interest and economic performance in both the countries and globally.

Mr. O'Neill sought India's assistance in leading and helping G-20 and other countries in the fight against terrorism. He accepted Mr. Sinha's invitation to visit India.

The Finance Minister also met Mr. Paul Martin, Finance Minister of Canada, Mr. Gordon Brown, Chancellor of Exchequer, Mr. James Wolfensohn, president of the World Bank and Mr. Aninat, deputy managing director of the IMF, and discussed matters of mutual interest.

- UNI

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