Combating Terror Financing in India
To fight the global menace of terrorism, various nations have started to strengthen their anti-terror financing regulations. Even India, which together with the other G-20 nations, had condemned terrorism in all forms and had reiterated their resolve to make their domestic and international financial institutions hostile to terror financing, has started to take concerted efforts and make a comprehensive approach towards counter-terrorism under the auspices of the UN on a firm international legal basis.
What steps is India taking?
- The Government has Strengthed the provisions in the Unlawful Activities (Prevention) Act, 1967. It has now classified and criminalized the production, smuggling or circulation of high quality counterfeit Indian currency as a terrorist act.
- The NIA has constituted a Terror Funding and Fake Currency (TFFC) Cell to conduct a specialized investigation of terror funding and fake currency cases.
- Training programs are now been regularly conducted to train the State Police personnel to address the skill gap in combating terror financing.
- To combat the menace of Fake Indian Currency Notes (FICN) network which is one of the most prominent channels of terror financing in India, an FICN Coordination Group (FCORD) has been set up by the Ministry of Home Affairs.
- It will share all intelligence/information among the security agencies of the states/centre to tackle the fake currency menace.
The Central and State Intelligence and security agencies are working closely to keep a tight noose on the various parties involved in terror-funding activities. Action will be taken against them as per the law after sufficient concrete evidence has been gathered against them.