Govt sets up cell to bust terror funding

In view of the global and complex nature of the economic crimes, the Union Home Ministry has constituted a separate Cell for Combating of Funding of  Terrorism (CFT) to bust national and international groups engaged in such unlawful activities.

An attempt to bring better coordination among dozens of other agencies is also underway. A Terror Funding & Fake Currency Cell is  already operational under  the National Investigation Agency (NIA) to focus on Terror Funding  and Fake Currency cases.

Since terror funding through Fake Indian Currency Notes (FICN) is  turning out to be far
more serious than overt terrorism, the Centre is contemplating an amendment to the Unlawful Activities (Prevention) Act. The NIA  has  recently made out six cases of terror funding through FICN, sources in the Ministry of Home Affairs said.  

There is yet not one strong  Federal agency in existence  that oversees and monitors all economic crimes and coordinates investigations in the country. A move is afoot to bring better coordination among the  agencies pursuing economic intelligence and the information relating to financial crimes. “The real time intelligence  would  not only keep a tab on terror funding and money laundering but give early hint on other kinds of economic sabotages,” the sources said.

The Central Bureau of  Investigation (CBI) which is currently investigating a number of cases of financial crimes is already operating  an exclusive economic offences wing in its headquarters here.

Central Board of Direct Taxes (CBDT), which  is a part of Department of Revenue in the Ministry of Finance, has a separate investigation wing for those evading taxes. Another agency under department of revenue is the Enforcement Directorate (ED) which mainly focuses on enormous illegal business of money laundering.

Financial Intelligence Unit (FIU), set up by the Centre in  2004, operates as the central national agency and reports directly to the Economic Intelligence Council headed by the finance minister.  

The FIU engages in   analyzing and disseminating information relating to suspect financial transactions. It is engaged in coordinating and strengthening efforts of national intelligence, investigation and enforcement agencies in pursuing  cases  of money laundering and related crimes.

The National Intelligence Grid, another ambitious project, aims at bringing all intelligence sources, including the banking, at a single point.