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.
Prasad was addressing officers of the Enforcement Directorate (ED) while delivering key note address on the subject ‘Terrorist Financing’ during the annual ED day event held here.
“The quantum of money in terrorist financing is very, very minuscule, hence it is so difficult to detect. However, despite the small scale of such funds… It (damage to economy) is very significant…it is most visible threat to national and international security,” the former Jammu and Kashmir DGP said.
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.
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 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.