The threat of terror financing is getting scarier and bigger by the day. In the last year, the country’s intelligence and law enforcement agencies have detected 1,444 suspicious cases of financial transactions allegedly used to exclusively fund terrorist activities. The cases have been forwarded to the Financial Intelligence Unit (FIU-Ind), which has been tasked to probe money laundering and terrorist financing.
The FIU is examining suspicious transactions in businesses such as casinos in Sikkim and Goa. The agency received 12,655 suspicious reports last year from various casinos in the two states, which are now being analysed to probe the nature of the money. Memorandums of Understanding have been signed with 19 countries including Mauritius, the Philippines, Australia, Canada, USA and Japan to share related information for further exchange of information to counter online gaming, money laundering and terrorist financing.
“A casino sector assessment committee was constituted under the Director (FIU-Ind) which carried out a comprehensive review of the casino sector and has made several recommendations to the government for strengthening the anti-money laundering regulatory frame for this sector,” FIU report stated.
Apart from casinos, reports are also being received about attempts by some real estate agents and dealers in precious metals and stones, and other high value goods to create a non-breachable financial firewall for their illegal activities in terror funding.