India a hub of terror fund: US report

[Nafees]

Source: DAWN.COM | World | India a hub of terror fund: US report

India a hub of terror fund: US report​

By: Jawed Naqvi
Sunday, 01 Mar, 2009 | 03:14 AM PST |

NEW DELHI: The virtually intractable parallel banking system, known as hawala, has made India a hub for financing terrorism, and it needs to be stopped in concert with Washington, an official US report has said.

Indian news agencies said on Saturday that the report wants New Delhi to work towards becoming a full-fledged member of Financial Action Task Force (FATF), an inter-governmental body for development of policies to combat money laundering and terrorist financing.

‘Given the number of terrorist attacks in India and the fact that in India hawala is directly linked to terrorist financing, India should prioritise cooperation with international initiatives that provide increased transparency in alternative remittance systems,’ news agencies said quoting the US State Department’s report in its section on India related to money laundering.

India’s Parliament passed the Prevention of Money Laundering (Amendment) Bill early this week, but the US report has suggested that India should make more legislative amendments to bring its anti money laundering and counter terrorism finance regime in conformity to FATF.

Released by Assistant US Secretary of State for International Narcotics and Law Enforcement Affairs, David T Johnson, it quoted estimates by the Reserve Bank of India as saying that remittances to India sent through legal, formal channels in 2007-2008 amounted to USD 42.6 billion.

Funds transferred through the billion-dollar hawala market are thought to be equal to between 30 to 40 per cent of the formal market.

‘In that case the hawala market could amount to between USD 13 billion to USD 17 billion,’ the report on International Narcotics Control Strategy, said.

The report lauded the steps taken by India post 9/11 with regard to money laundering and its possible use by terrorist network. However, it said, several key steps were still required to be taken by New Delhi.

Listing out the steps New Delhi still needs to take, the report said India should become a party to the UN Conventions against Transnational Organised Crime and Corruption.

‘Also, India should pass the Foreign Contribution Regulation Bill for regulating nongovernmental organisations including charities,’ it said.

‘India should devote more law enforcement and customs resources to curb abuses in the diamond trade. It should also consider the establishment of a Trade Transparency Unit (TTU) that promotes trade transparency; in India, trade is the back door to underground financial systems,’ the report said.

 

[Rajkumar]

Source: DAWN.COM | World | India a hub of terror fund: US report

India a hub of terror fund: US report​

By: Jawed Naqvi
Sunday, 01 Mar, 2009 | 03:14 AM PST |

NEW DELHI: The virtually intractable parallel banking system, known as hawala, has made India a hub for financing terrorism, and it needs to be stopped in concert with Washington, an official US report has said.

Indian news agencies said on Saturday that the report wants New Delhi to work towards becoming a full-fledged member of Financial Action Task Force (FATF), an inter-governmental body for development of policies to combat money laundering and terrorist financing.

‘Given the number of terrorist attacks in India and the fact that in India hawala is directly linked to terrorist financing, India should prioritise cooperation with international initiatives that provide increased transparency in alternative remittance systems,’ news agencies said quoting the US State Department’s report in its section on India related to money laundering.

India’s Parliament passed the Prevention of Money Laundering (Amendment) Bill early this week, but the US report has suggested that India should make more legislative amendments to bring its anti money laundering and counter terrorism finance regime in conformity to FATF.

Released by Assistant US Secretary of State for International Narcotics and Law Enforcement Affairs, David T Johnson, it quoted estimates by the Reserve Bank of India as saying that remittances to India sent through legal, formal channels in 2007-2008 amounted to USD 42.6 billion.

Funds transferred through the billion-dollar hawala market are thought to be equal to between 30 to 40 per cent of the formal market.

‘In that case the hawala market could amount to between USD 13 billion to USD 17 billion,’ the report on International Narcotics Control Strategy, said.

The report lauded the steps taken by India post 9/11 with regard to money laundering and its possible use by terrorist network. However, it said, several key steps were still required to be taken by New Delhi.

Listing out the steps New Delhi still needs to take, the report said India should become a party to the UN Conventions against Transnational Organised Crime and Corruption.

‘Also, India should pass the Foreign Contribution Regulation Bill for regulating nongovernmental organisations including charities,’ it said.

‘India should devote more law enforcement and customs resources to curb abuses in the diamond trade. It should also consider the establishment of a Trade Transparency Unit (TTU) that promotes trade transparency; in India, trade is the back door to underground financial systems,’ the report said.

i think its true, india has to look in to this matter seriouly bcoz lots of black money is pumped in to terrorist acts. RAW agents should come out of their AC rooms and do some real work

 

[metalfalcon]

For all those who Claimed "Pakistan is the epicenter of Terrorism" on the contrary they are the Main Sponsor of Terrorism.

‘Given the number of terrorist attacks in India and the fact that in India hawala is directly linked to terrorist financing, India should prioritise cooperation with international initiatives that provide increased transparency in alternative remittance systems,’ news agencies said quoting the US State Department’s report in its section on India related to money laundering.

Will it be wrong if someone says that "The Terrorists in 26/11 got few dollars from the pockets of Indian people"

‘In that case the hawala market could amount to between USD 13 billion to USD 17 billion,’ the report on International Narcotics Control Strategy, said.

Now this is a huge amount even Bigger than Earning of Terrorists from the trade of Opium and Heroin.

 

[metalfalcon]

i think its true, india has to look in to this matter seriouly bcoz lots of black money is pumped in to terrorist acts. RAW agents should come out of their AC rooms and do some real work

You are right, Blaming Everything on ISI wont do any Good to India.

 

[Salahadin]

Updated at: 1126 PST, Sunday, March 01, 2009
NEW YORK: US said that India has turned into a hub for supply of funds to terrorists due to its network of ‘Hundi’ and ‘Hawala’ system of funds remittances.

US State Office report available here said this. US report quoting Reserve Bank of India said that an amount of $42.60 billion was remitted to India during 2007-2008. Analysts said that during the same period an amount in the range of $13-17 billion were remitted through Hawala Market, a parallel system of the legal one.

Report said that India on priority should cooperate in those international efforts aiming at making the parallel systems of remittances transparent in view of the Hawala Market directly linked to the supply of funds to the terrorists.

US State Office report said that India should take up effective law making for combating money laundering and halting the supply of funds to terrorists. India has been asked in the report to work for becoming a full member of inter-governmental organization, Financial Action Task Force, which formulates policies for this purpose.

Wsj.com
Geo.tv

 

[SSGPA1]

What is India doing about it? Nothing.

India has been a centre of support for terrorism but no one seems to raise these issues.

LTTE is supported by Indians from Tamil Naidu, RSS and other extremist Hindu organizations threaten the regional peace but there is no one to raise this issue.

Majority of the Opium is funded by Indians and Afghans, living in India but blame falls on Pakistn and Afghanistan.

Everyone cares about how Islamic organizations are raising funds and how to ban their activities but no attention is paid to the Bank of Terrorism - India!

 

[metalfalcon]

Already Posted Dude.

 

[Captain03]

India a hub of terror fund: US report - GEO.tv
NEW YORK: The virtually intractable parallel banking system, known as hawala, has made India a hub for financing terrorism, and it needs to be stopped in concert with Washington, an official US report has said.

Indian news agencies said on Saturday that the report wants New Delhi to work towards becoming a full-fledged member of Financial Action Task Force (FATF), an inter-governmental body for development of policies to combat money laundering and terrorist financing.

‘Given the number of terrorist attacks in India and the fact that in India hawala is directly linked to terrorist financing, India should prioritise cooperation with international initiatives that provide increased transparency in alternative remittance systems,’ news agencies said quoting the US State Department’s report in its section on India related to money laundering.

India’s Parliament passed the Prevention of Money Laundering (Amendment) Bill early this week, but the US report has suggested that India should make more legislative amendments to bring its anti money laundering and counter terrorism finance regime in conformity to FATF.

Released by Assistant US Secretary of State for International Narcotics and Law Enforcement Affairs, David T Johnson, it quoted estimates by the Reserve Bank of India as saying that remittances to India sent through legal, formal channels in 2007-2008 amounted to USD 42.6 billion.

Funds transferred through the billion-dollar hawala market are thought to be equal to between 30 to 40 per cent of the formal market.

‘In that case the hawala market could amount to between USD 13 billion to USD 17 billion,’ the report on International Narcotics Control Strategy, said.

The report lauded the steps taken by India post 9/11 with regard to money laundering and its possible use by terrorist network. However, it said, several key steps were still required to be taken by New Delhi.

Listing out the steps New Delhi still needs to take, the report said India should become a party to the UN Conventions against Transnational Organised Crime and Corruption.

‘Also, India should pass the Foreign Contribution Regulation Bill for regulating nongovernmental organisations including charities,’ it said.

‘India should devote more law enforcement and customs resources to curb abuses in the diamond trade. It should also consider the establishment of a Trade Transparency Unit (TTU) that promotes trade transparency; in India, trade is the back door to underground financial systems,’ the report said.

 

[Salahadin]

This one is from Todays new the one that was posted was ( Indian terrorist gets funds from UK)

 

[Neo]

Threads merged.

 

[tyagi]

dude does any one of you know what hawala system is.it's done to save tax .or transfer some one's illegal income to other country

 

[Neo]

Hawala or Hoondi system was declared illegal in Pakistam few years back resulting in a surge in foreign remittence since it started to come thru proper channels.

 

[SSGPA1]

dude does any one of you know what hawala system is.it's done to save tax .or transfer some one's illegal income to other country

and you don't see anything wrong with that?

This system is used to support terrorism in India, Afghanistan, Pakistan, Sri Lanka and in other countries.

Gangsters from Dawood Ibrahim to Russian mafia, all use this system to funnel money in and out of India.

What is the Indian govt. doing about it?

Most of the hawala traders have political links as they also smugle out black money for the poiliticans therefore I doubt that anything could be done.

Next time India should look at this problem before pointing finger in other direction.

 

[TexasJohn]

The problem with "breaking" the hawala system is this. It is International and can go from any country to any country. It is on a personal basis. It's more like. " I deposit $10,000 in your US ( or Dubai ) account and you transfer Rupees ( India / Pakistan ) into my rupee account here in India / Pakistan.

Both countries are now culpable. Here in the US, Homeland Security DOES question large mysterious deposits - " My friend paid off my house 'cause he really likes me" does not cut the mustard any more.

Both countries have to co-operate on this. Unfortunately, there are too many crooked people in the loop ( politicians and businessmen) to make sure enforcement does not happen

 

[Bull]

Hawala or Hoondi system was declared illegal in Pakistam few years back resulting in a surge in foreign remittence since it started to come thru proper channels.

Making it illegal wont make much of a difference. Hawala is banned in India, but still is massive.