The terror financing conference was held in Paris in order to combat the finances received by the terrorist groups like Al-Qaeda and Islamic State. The conference was attended by ministers from over eighty countries and around five hundred experts. The cost of the terrorist attacks have decreased since the 9/11 tragedy which had taken place in the United States in 2001. In the recent years, the Islamic State has used guns and vehicles as their primary weapon of choice to spread terrorism.
The French authorities were worried about the fact that huge war-chest which was acquired by the Islamic State between 2014 and 2016. The terrorist group was able to accumulate a lot of wealth because they ruled over a large portion of oil-rich territories in Syria and Iraq. It is estimated that the annual income of the Islamic State was around one billion dollars. The terrorist groups are expert in using innovative and effective techniques to move their financial resources.
The aim of the two-day conference was to share expertise and discuss the good practices which can be implemented at the international level. The Islamic State activists had to face defeat in the Syrian battlefields and they are sworn to follow the ideology which they have imbibed. Peter Neumann from King’s College in London, a terror expert had the fight to prevent the financing of the terrorist groups have not been fruitful since 2001.
Neumann had asked not to follow the money because the low-cost terrorist activities were easy to carry out. The terrorist could carry out these attacks and easily transfer the money without having to deal with the international banking system. The conference had ended with a speech made by Emmanuel Macron, the French President.