“The biggest source of terror financing is NGO sector”
November 21, 2013
Ahmedabad, 21 November 2013
Dr. N.N.Pandey, Director of Financial Intelligence Unit(FIU), Government of India during his Ahmedabad visit on Wednesday clearly stated that the biggest source of money behind terror activities is NGOs. Dr. Pandey was in Ahmedabad to attend a seminar on Anti money laundering act and KYC norms organized by Gujarat Urban Cooperative Banks Federation and The Kalupur Commercial Cooperative Bank.
Pandey said it is mandatory for banks to inform FIU about dubious financial transactions. World’s 147 nations have signed the agreement on setting up FIU. Thanks to the details FIU receives from banks, 40% cases of money laundering for crime are detected.
Any NGO with counterfeit currency transaction of over Rs. 10 lakh per month has to file details by 15th of every month. The banks are asked to submit details on dubious transactions within 7 days.
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