India, US to jointly target financial networks of LeT, JuD

[Sashan]

WASHINGTON: India and the US on Sunday agreed to work together to target the financial network and fund raising activities of Pakistan-based terror outfits like Lashkar-e-Taiba, Jamaat-ud-Dawa, the Haqqani network and individual terrorists associated with these organisations.

The decision by the two countries, in this regard, was taken during a meeting between finance minister P Chidambaram and US treasury secretary Jack Lew.

The two leaders jointly chaired the fourth annual meeting of India-US Economic and Financial Partnership held at the IMF headquarters here.

Chidambaram and Lew also agreed on commitment to deepening dialogue on implementation of international anti-money laundering, combating the financing of terrorism and expanding cooperation on countering illicit financing.

This will include targeting the financial networks and fundraising activities of terror organisations such as Lashkar-e-Taiba (LeT), Jamaat-ud Dawa (JuD), the Haqqani Network and individual terrorists associated with these organisations, India said in a statement after the meeting.

These commitments were also reflected in a joint statement issued after Chidambaram's meeting with Lew.

Jamaat-ud-Dawa is the parent body of banned terror group Lashkar-e-Taiba that carried out the 2008 Mumbai attacks which claimed 166 lives.

"They also agreed to enhance cooperation between our agencies in fighting against counterfeiting currency and illicit financial flows," the statement said.

India, US to jointly target financial networks of LeT, JuD - The Times of India

WASHINGTON, Oct 13: The United States and India agreed on Sunday to step up cooperation to prevent the financing of extremist groups, including Lashkar-e-Taiba (LeT) and Jamaat-ud-Dawa (JuD), officials said.

In annual talks between top economic officials, India and the US spoke of “expanding cooperation on countering illicit financing,
including targeting the financial networks and fund-raising activities of terrorist organisations,” Indian Economic Affairs Secretary Arvind Mayaram said.

Mayaram said in a statement that efforts would target groups such as the Lashkar-e-Taiba and Jamaat-ud-Dawa.

The statement did not provide details on how the two sides would expand cooperation.

Mayaram also mentioned action against the Haqqani network. The group, blamed for attacks on the Indian embassy and US forces in Afghanistan, was designated last year as a terrorist group by the United States.

The talks --- in Washington following annual IMF-World Bank meetings --- involved US Treasury Secretary Jack Lew and Federal Reserve Chairman Ben Bernanke, along with their Indian counterparts Finance Minister P. Chidambaram and Reserve Bank of India Governor Raghuram Rajan.

The two countries agreed to keep working on a bilateral investment treaty, which President Barack Obama and Prime Minister Manmohan Singh have supported as a way to boost trade.

US companies have increasingly criticised India on trade issues including the developing economy’s support of generic drugs, which advocates say are affordable for the world’s poor but which western businesses say violate patents.

The two sides, who also discussed the fiscal crisis in the United States, called for “sound macroeconomic policies, structural reforms and strong prudential frameworks” to support economic growth and market stability, Mayaram said.---AFP



http://www.dawn.com/news/1049577/us-india-plan-to-prevent-funding-of-let-jud

 

[HariPrasad]

A very good step in right direction.

Now it remains to be seen how successful it is. Since this terror groups enjoy full support of Pakistan Government, I doubt the success of this measure.

 

[chhota bheem]

good move , lets see how it works out.

 

[Sashan]

A very good step in right direction.

Now it remains to be seen how successful it is. Since this terror groups enjoy full support of Pakistan Government, I doubt the success of this measure.

Squeezing the funds from outside would be a significant approach. Once that is done, do you think Pakistan Government will be able to fund the estimated 1 lakh members without significant hole and visibility as part of its budget? Why I say visibility is when the Pakistan government reaches out to international organizations for funding for its economy, it can't justify the financial support to a UN SC designated terrorist organization. So either the LET/JUD need to function with reduced members and would be funded by ISI or face fund denial(for normal projects) and impact to its economy from international organizations like IMF, World bank.

 

[HariPrasad]

Squeezing the funds from outside would be a significant approach. Once that is done, do you think Pakistan Government will be able to fund the estimated 1 lakh members without significant hole and visibility as part of its budget? Why I say visibility is when the Pakistan government reaches out to international organizations for funding, it can't justify this funding to a UN SC designated terrorist organization. So either the LET/JUD need to function with reduced members and would be funded by ISI or face fund denial and impact to its economy from international organizations like IMF, World bank.

I wish you are right but this funding is mainly done from black money and reaches terrorists through Hawala. Hawala network in Pakistan is robust. But No doubt this is a right step in right direction. I agree. Even if it achieves a partial goal, it will be fine. All these soft techniques are becoming more and more Important and relevant now a days.

 

[Pakistanisage]

Seize all of LeT's Equities and Option BROKERAGE ACCOUNTS in USA and INDIA. Also seize their Currency Trading Accounts in Dubai and Abu Dhabi.

 

[joekrish]

Great move, I dont know what kind of results this will yield but one thing for sure it will keep the terrorist supporters on their heels.

 

[Sashan]

I wish you are right but this funding is mainly done from black money and reaches terrorists through Hawala. Hawala network in Pakistan is robust. But a right step in right direction. I agree. Even if it achieves a partial goal, it will be fine. All these soft techniques are becoming more and more Important now a days.

These are not soft techniques. Funds from abroad is like the oxygen to these organizations. Where would be the hawala transfer if the frontal organizations collecting funds abroad are targeted and shut off? If U.S makes the same effort as it did to Al-Qaeda - tracking the funds, shutting off the frontal organizations and acting against individuals providing funds to these frontal organizations that is a very significant victory.

Afterall U.S has started to realize that the 1 lakh "charity workers" of JUD can turn their charity towards it as well. Few months back NATO arrested a senior LET leader fighting in Afghanistan.

ISAF captures senior Lashkar-e-Taiba leader in Ghazni - The Long War Journal

 

[illusion8]

The terrorist network funding mainly depends on drugs, weapons, hawala, smuggling, piracy, extortion, donations and such - it would be difficult to curtail their fund flow.

 

[Not Sure]

The statement did not provide details on how the two sides would expand cooperation.

In the name of terrorism, this move is mainly aimed at curbing the Hawala transactions that amount to billions of dollars of money crossing international borders.

While such actions may not be able to achieve much when closing in on financing of JuD or LeT from domestic sources, they may sure make it very inconvenient for the likes of Tahir ul Qadri.

 

[Sashan]

Seize all of LeT's Equities and Option BROKERAGE ACCOUNTS in USA and INDIA. Also seize their Currency Trading Accounts in Dubai and Abu Dhabi.

You might be laughing but in a way - true - that is why Anti-Money Laundering laws are tightened significantly and great emphasis placed on the origin of the money. Seize/freeze all the frontal companies' accounts -


You need an example? Look at how Al-Qaeda's funds started drying up as something below has happened for various "charity" organizations.


As recently as 2006 al Mujil conducted fundraising in Saudi Arabia, where he was executive director of the eastern province branch of the International Islamic Relief Organization, a charitable group. He provided donor funds directly to al Qaeda, says the U.S. government, and was particularly focused on helping al Qaeda affiliates in the Philippines by handing out cash to a supporter who pretended to be on an Islamic pilgrimage to Saudi Arabia. These days al Mujil is out of business. That’s largely thanks to efforts by the U.S. Treasury Department and the U.N. Security Council.


Is al Qaeda Bankrupt? - Forbes

 

[Sashan]

In the name of terrorism, this move is mainly aimed at curbing the Hawala transactions that amount to billions of dollars of money crossing international borders.

While such actions may not be able to achieve much when closing in on financing of JuD or LeT from domestic sources, they may sure make it very inconvenient for the likes of Tahir ul Qadri.

Not sure I got you on the highlighted.

 

[shuntmaster]

This is a very good initiative... to fight global islamist/****** terrorism

 

[Jzaib]

it will fail ..as JuD get most of his funding from local people of pakistan ...though they have some big arab donars as well .. but i dont think it will make a significant effect ..the kinda of operation LeT do ..they dont need much money ..they just need to brainwash some innocent guy and send them to india to blow stuff up ...

 

[kurup]

A very good developement .

These kind of joint approach will be effective in reducing the funding Let get from outside while the support and funding the organisations get from inside pakistan will continue .

But something is always better than nothing .