Money in Terror financing Minuscule, It’s impact large: Ravi Shankar Parsad

NEW DELHI: While the quantum of money involved in terror financing incidents in the country is “very, very minuscule”, the damage done by such activities is significant, a top security official said today.

Advisor (Technical) in the Home Ministry, Ashok Prasad claimed it was “much easier” for the security agencies to catch a terrorist than track illegal his money as the routing of funds is done through various methods like hawala and also transported by some people returning from Haj.

He said detection of terrorist financing was akin to “catching rain drops” or like finding “a needle in a haystack”.

The “main channel” for terror financing is the hawala route, he said.

Hawala pertains to using the legal banking channels to send illegal funds escaping the notice of regulatory and probe agencies, and also where people are used as couriers to transfer huge amounts of funds.

He asked investigative agencies like the ED and others to work in concert with the intelligence agencies as getting a good snoop information was is the most important part in cracking down on terror financing.

The need of the hour is to improve intelligence gathering, develop intelligence assets and analytical tools, he said, adding intelligence sharing in such instances was “rudimentary”.

Prasad claimed terror financing was difficult to catch as, in a number of cases, the funds come from certain state agencies with the support of the country concerned.

Prasad said while there was “no official quantification” of money involved in terror financing in the country, he had information that a large terror group active here used to get Rs one crore a month.

He, however, did not disclose the identity of the terror outfit.

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