Paris: The most common and substantial source of Terrorism Financing (TF) in four of India’s six theatres of war is from outside the country’s boundaries, according to the latest Mutual Evaluation Report released by the global Financial Action Task Force (FATF) on Thursday. The assessment also stated that the most serious terrorism threats appear to be from ISIL or Al-Qaeda (AQ) affiliated groups operating in and around Jammu and Kashmir.
The FATF, which develops and promotes policies to protect the global financial system against money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction, acknowledged that India has consistently suffered the effects of terrorism since its independence in 1947 and continues to face a “disparate range of terrorism threats” classified into six different theatres.
“These can be summarised as theatres associated with ISIL or Al-Qaeda (AQ) linked extremist groups active in and around Jammu and Kashmir, whether directly or via proxies or affiliates, as well as other separatist movements in the region; other ISIL and AQ cells, their affiliates, or radicalised individuals in India; regional insurgencies in the Northeast and North of India; and left-wing extremist groups seeking to overthrow the government,” the report, which praised the Indian agencies for having demonstrated a “good understanding” of both current and emerging Terror Financing (TF) threats and risks in different theatres of risk, mentioned.
According to the report, extortion is a major source of revenue for terrorist organisations in the Northeast and other areas impacted by left-wing terrorism.
Significantly, the investigation revealed cases of abuse by Non-Profit Organisations (NPOs) with links to terrorist organisations and radicalisation, which had obtained cash from foreign governments disguised as philanthropic activity.
“Terrorist financing risks are generally closely linked with terrorism risks, with flows of funds or provision of other assets constrained to within India or surrounding countries… The TF risk assessment identified various modes of terrorist funding, including through sources outside India, organised criminal gangs, extortion, NPOs, fake Indian currency notes, narcotics financing, virtual assets, and illicit arms trafficking, with each demonstrating differing magnitude depending on the theatre,” it said.
Remarkable! Patient Watches Film While Doctors Perform Brain Surgery
According to the research, competent authorities have identified the use of virtual assets as a developing trend for TF in general due to the challenges associated with monitoring funding.
At the same time, the FATF praised the Indian government’s prevention strategies, including counter-radicalisation initiatives such as the ‘Sahi Raasta’ initiative, which was launched in 2022 to prevent young people from becoming radicalised in Jammu and Kashmir, where ISIL and AQ groups operate.
It was stated that Maharashtra has also established a programme to deter terrorism, allowing terror financing offenders to surrender and be rehabilitated.
In its report, FATF praised the Indian authorities for having demonstrated a “good understanding” of current and emerging Terrorist Financing (TF) threats and risks in different theatres of risk in the country and for conducting investigations in line with the risks identified.
“Case studies provided reflect India’s ability, in particular the National Investigative Agency (NIA) and ED, to conduct complex financial investigation and identify money trails to support the investigation and prosecution of terrorist activity and TF,” the independent inter-governmental body said on Thursday while releasing its Mutual Evaluation Report.
The Mutual Evaluation Report also commended India for achieving a “high level of technical compliance” across its recommendations and taking “significant steps” to implement measures to tackle illicit finance.
“A joint FATF-APG-EAG assessment of the country’s measures to tackle illicit finance concludes that India has implemented an Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) framework that is achieving good results, including on risk understanding, access to beneficial ownership information and depriving criminals of their assets. Authorities make good use of financial intelligence and co-operate effectively, both domestically and internationally,” it stated.
The report summarises the AML/CFT measures in place in India. It analyses the level of compliance with the 40 FATF recommendations and the effectiveness of India’s AML/CFT system and provides recommendations on how the system could be strengthened.
For more updates Subscribe to Media Eye News
–IANS
