80 nations attend terror financing conference in Paris

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Updated 25 April 2018
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80 nations attend terror financing conference in Paris

  • Terror attacks have become increasingly low-cost since the 9/11 atrocities in the United States in 2001
  • While the Daesh group faces imminent defeat on the battlefield in Syria where the last pockets of its fighters are holding out, experts warn that its ideology will live on

PARIS: Ministers from 80 countries and nearly 500 experts gather in Paris from Wednesday for a conference on combating the financing of terror groups such as Daesh and Al-Qaeda, French officials said.
Attacks have become increasingly low-cost since the 9/11 atrocities in the United States in 2001, particularly in recent years when followers of Daesh have used vehicles and guns as their main weapon of choice.
But French authorities remain concerned about a huge war-chest amassed by Daesh between 2014 and 2016 when it ruled over large swathes of oil-rich territory in Iraq and Syria.
A French presidential official briefing journalists on Tuesday said that Daesh income was estimated at about $1 billion (820 million euros) a year.
“It has been moved since, at least in part. It’s probably somewhere,” the official said on condition of anonymity. “These groups are very skilful in using sophisticated techniques to move financial resources around.”
The idea of the two-day conference, which will close with a speech by French President Emmanuel Macron on Thursday afternoon, is to share expertise and good practice that can be implemented internationally.
The Daesh group faces imminent defeat on the battlefield in Syria where the last pockets of its fighters are holding out, but experts warn that its ideology will live on.
Some terror experts, including Peter Neumann from King’s College in London, have argued recently that the fight against the financing of terror groups has been ineffective since 2001.
In a report last year entitled “Don’t follow the money,” he argued that low-cost terror attacks were easy to mount and jihadist groups could transfer money easily without using the international banking system.
He will make a speech at the start of the second day of the conference on Thursday which will take place at the Organization for Economic Co-operation and Development in Paris.


Pompeo pledges close cooperation with India but trade, defense issues unresolved

Updated 26 June 2019
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Pompeo pledges close cooperation with India but trade, defense issues unresolved

  • But US Secretary of State Mike Pompeo gave few specifics of how they would overcome disputes on issues
  • The disputes have led to higher trade tariffs by the two countries and created unease over the depth of their security alliance

NEW DELHI: US Secretary of State Mike Pompeo sought to reduce heightened trade tension with India on Wednesday, promising a renewed focus on negotiating improved trade and investment ties between the two nations.
But Pompeo, on a visit to India, gave few specifics of how they would overcome disputes on issues ranging from access to Indian markets for leading American companies to New Delhi’s demands for foreign firms to store Indian data in the country, and exports of steel and aluminum to the United States.
The two nations are “friends who can help each other all around the world,” Pompeo told a joint news conference with Indian Foreign Minister Subrahmanyam Jaishankar after they met.
The current differences were expressed “in the spirit of friendship,” he added.
The disputes have led to higher trade tariffs by the two countries and created unease over the depth of their security alliance.
In particular, the sudden introduction of new e-commerce rules for foreign investors in February angered the Americans because it showed New Delhi was prepared to move the goalposts to hurt two of the largest US companies, discount retailer Walmart, and Amazon.com Inc.
Walmart last year invested $16 billion to buy control of Indian e-commerce firm Flipkart.
Just days before Pompeo’s visit, India slapped higher retaliatory tariffs on 28 US products following Washington’s withdrawal of key trade privileges for New Delhi.
Jaishankar, a former Indian ambassador to the United States, played down the spat on Wednesday.
“If you trade with someone and they are your biggest trading partner, it is impossible you don’t have trade issues,” he said.
India’s ties with Russia and Iran, both now subject to US sanctions, are also a sore point.
US pressure has led India to stop buying oil from Iran, a top energy supplier. The United States has also stepped up pressure on India not to proceed with its purchase of S-400 surface-to-air missile systems from Russia.
The missile deal and Iranian oil were both discussed during their meeting, Jaishankar and Pompeo said, but mentioned no resolution of either at the news conference.
Earlier, Pompeo met Prime Minister Narendra Modi for talks at his official residence in the capital, New Delhi, and they exchanged handshakes in images broadcast on television.
“The Prime Minister expressed his strong commitment to achieve the full potential of bilateral relations in trade and economy, energy, defense, counterterrorism and people-to-people contacts,” the foreign ministry said in a statement, without elaborating.
Pompeo is expected to round off the trip with a policy speech hosted by the US embassy, before departing on Thursday for a summit of leaders of the Group of 20 nations in Japan.