New Delhi: After the United Nation (UN) Security Council on Thursday adopted a resolution that calls upon countries to prevent and counter the financing of terrorism, India has welcomed the move to counter terror funding and said that the utility of any council resolution will be in its implementation. "Specifically welcome the resolution of essential role of financial action task force. The utility of any council resolution will be in its implementation," news agency ANI quoted Syed Akbaruddin, India's permanent representative at UN as saying.

“Global community is impatient for action. Going forward UN collectively needs to do more and to do it much more effectively. For its part, India will be a willing partner in this endeavour,” Akbaruddin added.

“The unfortunate reality is states who are apologists for terrorists will continue to provide alibis to justify their actions and inaction too as was done by a serial offender earlier today," he said without naming Pakistan. Initiated by France, Resolution 2462 is intended to update existing resolutions and adapt them to new forms of financing of terrorism and new challenges in this field, Xinhua news agency reported on Thursday. The resolution passed by the UN notes with concern that terrorists may abuse legitimate businesses and non-profit organisations for their activities. It also stated that these terror outfits can make use of emerging payment methods, such as prepaid cards and mobile payments or virtual assets.

Therefore, the resolution calls upon all countries to enhance the traceability and transparency of financial transactions, including assessing and addressing potential risks associated with virtual assets and as appropriate, the risks of new financial instruments, including but not limited to crowd-funding platforms.

The resolution also encourages member states to apply risk-based anti-money laundering and counter-terrorist financing regulations to virtual asset service providers. It asks countries to identify effective systems to conduct risk-based monitoring or supervision of virtual asset service providers.

Adopted in 2001 in response to the September 11 terrorist attacks in the US, Resolution 1373 was the first comprehensive resolution imposing obligations on all states to respond to the global threat of terrorism.

(With agency inputs)