States not sharing info on terror financing: Centre

Posted on September 14, 2015 0 Comments189
NEW DELHI, Sep 13 (Agencies): Government’s efforts to deal with the menace of terror financing has hit a road block with no
state government sharing information on national risk assessment on threats to various financial institutions and capital market.

Following a recommendation of the Financial Action Task Force (FATF), an inter-governmental body that looks after how to combat money laundering, terrorist financing and other related threats, the Centre set up a working group to assess the terror threat, its vulnerability in banking, insurance, capital market and financing institutions.

The group had sent a letter on August 19 to all state governments and union territories along with the three templates on ‘terrorism threat’, ‘terrorism financing threat’ and ‘terrorism financing vulnerability’ asking them to reply by August 30.

“So far, no response has been received from any of the state governments or union territories,” a senior government official said.

The first template on ‘terrorism threat’ aims to determine the extent of the threat based on the sources as identified through enforcement and intelligence data on terrorism in the jurisdiction and related financing information.

The template collects data on the organisations and individuals that pose terrorism threat to the jurisdiction. It requires information on terrorism cases which includes number of reported or investigated cases, number of convictions, number of international assistance requests received, sent, property damage.

Qualitative information on future trends, other intelligence, the level of terrorism threat – low, medium or high, level of sophistication of operation, organisation average costs of operation, annual operational budget of operation, main income sources, main sectors or channels abused and originating jurisdiction of funds, the impact of terrorism financing threat-low, medium or high are other information which the state governments have to provide.

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