03-29-2008, 04:16 AM
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>Terror funding under scanner</b>
Pioneer.com
Rakesh K Singh | New Delhi
Govt scrutinising 600 suspicious transactions
The Centre is tracking the records of more than 600 financial transactions that it suspects could be linked to terror funding and other clandestine activities in the country and the region. Â
The Financial Intelligence Unit (FIU) in the Union Finance Ministry has forwarded hundreds of cases of suspected money-laundering and terror-financing to the Intelligence Bureau (IB), Research and Analysis Wing (RAW), the Central Board of Direct Taxes (CBDT), Stock Exchange Board of India and Reserve Bank of India (RBI).
According to FIU inputs, African diamond trade is ringing the cash registers of Al Qaeda; poppy cultivation in Afghanistan is feeding the Taliban; money generated from a shipping network run by the sympathisers of Liberation Tigers of Tamil Eelam (LTTE) is sustaining its guerrilla adventure in Sri Lanka and the real estate boom in Karachi, Lahore and Islamabad is helping the Lashkar-e-Tayyeba (LeT) with funds for carrying out subversive activities in India.
Intelligence inputs say that a lot of money is coming into the country from the Gulf region and it is difficult to say which is good or bad money. However, the Government is keeping a close watch on all investments coming into the country, particularly from that region.
The Foreign Direct Investment (FDI), which had been predominantly sourced from the United States, has declined over the years and investments from countries like Mauritius has increased manifold. Instances have been recorded by the IB wherein foreign banks having links with Al Qaeda had sought registration with the SEBI as foreign institutional investors.
Organised crime networks like the D-Company of Dawood Ibrahim have made inroads into the economic framework of the country by entering into diverse activities such as infotainment sector, sand-mining in coastal areas, Fake Indian Currency Notes (FICN) distribution chain, extortion racket, smuggling of narcotics and gambling in sports apart from real estate business. This extensive and well-structured network, using proxies, had made monitoring and detection extremely difficult.
In a frank admission, Finance Minister P Chidambaram recently told Parliament that there were indications of money generated from the economy being used for terror funding.
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600 number just tells whole story, this is just a big blonney from UPA government.
it is not 596 or 603.
Pioneer.com
Rakesh K Singh | New Delhi
Govt scrutinising 600 suspicious transactions
The Centre is tracking the records of more than 600 financial transactions that it suspects could be linked to terror funding and other clandestine activities in the country and the region. Â
The Financial Intelligence Unit (FIU) in the Union Finance Ministry has forwarded hundreds of cases of suspected money-laundering and terror-financing to the Intelligence Bureau (IB), Research and Analysis Wing (RAW), the Central Board of Direct Taxes (CBDT), Stock Exchange Board of India and Reserve Bank of India (RBI).
According to FIU inputs, African diamond trade is ringing the cash registers of Al Qaeda; poppy cultivation in Afghanistan is feeding the Taliban; money generated from a shipping network run by the sympathisers of Liberation Tigers of Tamil Eelam (LTTE) is sustaining its guerrilla adventure in Sri Lanka and the real estate boom in Karachi, Lahore and Islamabad is helping the Lashkar-e-Tayyeba (LeT) with funds for carrying out subversive activities in India.
Intelligence inputs say that a lot of money is coming into the country from the Gulf region and it is difficult to say which is good or bad money. However, the Government is keeping a close watch on all investments coming into the country, particularly from that region.
The Foreign Direct Investment (FDI), which had been predominantly sourced from the United States, has declined over the years and investments from countries like Mauritius has increased manifold. Instances have been recorded by the IB wherein foreign banks having links with Al Qaeda had sought registration with the SEBI as foreign institutional investors.
Organised crime networks like the D-Company of Dawood Ibrahim have made inroads into the economic framework of the country by entering into diverse activities such as infotainment sector, sand-mining in coastal areas, Fake Indian Currency Notes (FICN) distribution chain, extortion racket, smuggling of narcotics and gambling in sports apart from real estate business. This extensive and well-structured network, using proxies, had made monitoring and detection extremely difficult.
In a frank admission, Finance Minister P Chidambaram recently told Parliament that there were indications of money generated from the economy being used for terror funding.
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600 number just tells whole story, this is just a big blonney from UPA government.
it is not 596 or 603.