Terming the Paris attacks as a grim reminder that terrorists show “remarkable flexibility and adaptability” in meeting their funding needs, Prime Minister Narendra Modi on Wednesday pitched for enhanced global cooperation to choke terror funding through “targeted economic sanctions”.

Addressing the Sixth Global Focal Point Conference on Asset Recovery and the 21st conference of the Central Bureau of Investigation and State anti-corruption and vigilance bureaux, attended by 34 countries, here, Modi said targeting the proceeds of crime was an important element in this fight, as terror funding was being derived from a variety of criminal activities, such as vehicle thefts, bank robberies, and State-sponsored activities in failed states.

He hoped that the partnership between the Stolen Asset Recovery Initiative and Interpol would help in confiscation and recovery of stolen assets, and called for putting in place “systemic safeguards and targeted economic sanctions based on credible counter-terrorism intelligence.”

“I am sure that this conference will go a long way towards elimination of safe havens for the proceeds of corruption and help build secure exchange platforms for the recovery of criminal assets,” he said, adding that globalisation of organised crime posed a major threat to economies throughout the world.

“Organised crime can hamper investment and economic growth. It can also infiltrate or acquire control of large sectors of the economy,” he said.

Modi said his government had taken initiatives to curb systemic corruption, such as auction of coal blocks and FM radio spectrum, which also generated “substantial revenues” for the government.

Sounding a stern note to the bureaucracy, the Prime Minister said his Government was “unsparing” when it comes to punishing the corrupt.

“We have so far removed and ensured pension cuts of 45 senior officers of various services for unsatisfactory performance and delivery in public service,” he said.

Citing Kautilya in Arthashastra who suggested “confiscation of illegitimate income as one of the punishments for corrupt public servants”, Modi said “confiscation of property of offenders not only serves as punishment but also discourages commission of crime”.

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