posted by Christopher W. Holton

India has frozen the assets of 37 entities on charges of terrorist financing and money laundering of illicit funds, according to the latest report by global anti-financial terror body FATF (Financial Action Task Force).

The FATF is an inter-governmental body established in 1989 and it is mandated to set global protocols and standards to combat money laundering and other financial crimes with direct ramifications to terrorist acts across the globe. In related findings for India, the FATF in a report brought out last month, chronicled the use of banking channels to fund the activities of the banned terror group Hizb-ul-Mujahideen (HM).

The group has carried out many attacks and killings in India including in the Kashmir Valley.

“An ongoing investigation in India alleges that Hizb-ul-Mujahideen (HM) has been receiving funds originating from Pakistan through different channels in support of its terrorist activities in India. HM is claimed to be actively involved in furthering terrorist activities in India and has raised over INR 800 million within the past eight years. This group has been designated as a terrorist organisation by India, US and the European Union.

“Funds raised in other countries are also reportedly being transferred or diverted to trusts and front organisations of HM in Pakistan. Once the money reaches India, it is distributed through various conduits at various places to the active terrorists and families of killed HM terrorists.

The report further alleged that “the banking sector was extensively used for transfer of funds to various bank accounts for the aforementioned activities.”

“Funds have also been moved via money value transfer services. The funds are mainly used to financially support members of active and killed militants of the organisation, including family members. HM allegedly incurs expenditure on mobile communication, medical treatment of militants, arms and ammunitions, clothing and other military equipment,” it said.

The report also mentions, without taking specific names, the flow of illicit funds for perpetrating terrorist attacks in Mumbai by Pakistani-American LeT terrorist David Coleman Headley and his associates.

“Indian authorities investigated a large criminal conspiracy involving nine persons, including a US citizen and a Canadian citizen who cooperated with members of Lashkar-E-Taiba (LeT) and Harkat-Ul Jihadi Islami (HUJI), both designated as terrorist organisations by Indian authorities,” it said.




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