Al-Qaeda & Radical Islamic Forces Threaten India: FATF Highlights Terror Activity in Jammu & Kashmir
Al-Qaeda & Radical Islamic Forces Threaten India: FATF Highlights Terror Activity in Jammu & Kashmir
Al-Qaeda & Radical Islamic Forces Threaten India: FATF report warns of threats from IS, Al-Qaeda, and radical Islamic forces, particularly in Jammu & Kashmir. India’s efforts to combat money laundering and terrorism funding are praised, but slow legal processes need improvement. Insights into terrorism threats and government actions to curb financial crimes.
Al-Qaeda and radical Islamic forces threaten India, FATF said some terrorist organizations are active in Jammu and Kashmir. The global agency Financial Action Task Force (FATF), which monitors money laundering and terrorist funding, has admitted that India is threatened by IS, Al-Qaeda, and other radical Islamic forces.
These forces are mainly active in Jammu and Kashmir and their strings are indirectly connected to other parts of the country as well. FATF has also described the insurgent organizations and left-wing extremist organizations active in the Northeast as a threat to India. It has also admitted that India has been a victim of terrorism for years.
Al-Qaeda & Radical Islamic Forces Threaten India: The slow pace of hearing TF-related cases
FATF has praised India’s efforts to stop money laundering (ML) and terrorism-related funding (TF). However, FATF is not satisfied with the slow pace of hearing of ML and TF-related cases and the rate of bringing them to a conclusion. It has recommended to accelerate India’s efforts in this direction further. According to the Finance Ministry official, trials are currently underway in 864 cases of money laundering and more than 1,400 cases of TF.
India has been a victim of terrorism for years – FATF.
On Monday, FATF released its report on India’s evaluation in ML and TF cases and India has met most of its standards. The report evaluates India’s efforts between 2018 and 2023. Countries that do not follow FATF’s recommendations may face global financial sanctions. In the report, FATF has recommended strict monitoring of non-profit organizations (NPOs) operating in India as there is a high possibility of terrorism funding through them. India says it will adopt a ‘nuanced’ approach in dealing with them.
Al-Qaeda & Radical Islamic Forces Threaten India: Aadhaar-based banking systems, and Biometric systems appreciated
The report said that in the last ten years, due to the promotion of the digital economy along with Jan Dhan accounts, the Aadhaar-based banking system, biometric system, and cash transactions have been reduced, which has increased transparency and is helping in reducing money laundering. The ban on cash transactions of more than two lakhs and the implementation of rules like KYC on buying and selling property have reduced the use of black money in real estate. But even now the use of black money in real estate continues.
Al-Qaeda & Radical Islamic Forces Threaten India: Action on lakhs of shell companies in five years
FATF has emphasized the need to bring more transparency in India’s gems and jewelry and fintech sector. Along with the action taken on lakhs of shell companies in the last five years in India, the financial recovery and return of money to the victim party (bank) in the Vijay Mallya fraud case has also been appreciated.
According to the Finance Ministry official, Rs 14,000 crore was returned to the victim party (bank) in the fraud case related to Mallya. He said that to expedite the trial of ML and TF cases, the number of employees is also being increased along with the establishment of special courts. There are preparations to tighten the cash transactions in the gems and jewelry sector.
Only four other countries of G-20 in the ‘Regular Follow-up’ category
In the 368-page report, India has been placed in the ‘Regular Follow-up’ category and only four other countries of G-20 are included in this category. India’s next evaluation will now be in 2031.
