Pakistan will remain on the 'grey list' of the Financial Action Task Force (FATF) until it further demonstrates that action is being taken against Jamaat-ud-Dawah chief Hafiz Saeed and Jaish-e-Mohammed founder Masood Azhar who are listed as global terrorists by the United Nations, the global anti-money laundering and terror financing watchdog said on Thursday.
The Financial Intelligence Unit (FIU), the federal economic snoop agency under the Union finance ministry, sent 289 legal requests to its counterparts across the globe during 2018-19 as compared to 177 in 2017-18 and 138 in 2016-17.
"We call on Pakistan to stop cleansing their own minorities including Hindus, Christians, Sikhs, Buddhists and others," Bhat said.
The APG released its much-awaited 228-page 'Mutual Evaluation Report' on Saturday, 10 days ahead of the key Financial Action Task Force's plenary meeting which will give its decision on Pakistan's 'grey list' status.
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
In fact, the Taliban apparently collects about 10 per cent as cultivation tax from opium farmers and 15 per cent as heroin tax from laboratories and smugglers that smuggle narcotics into Pakistan. This, by itself, is a revenue stream estimated at USD 250-300 million.
The poll-panel called these seizures by its various field and technical enforcement teams a "historic milestone" achieved "for the first time in any assembly electoral process", meaning during simultaneously-held assembly polls.
DRI seized contraband worth Rs 504.39 crore.
The Financial Intelligence Unit will apply a multi-pronged approach in probing black money, counterfeit currency, terror funds and hawala transactions as it believes they are all interlinked, reports Vicky Nanjappa.
The income tax department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
The Delhi Police's crime branch had, on March 31, lodged an FIR against seven people, including the cleric, on a complaint by station house officer of Nizamuddin police station for holding a congregation of Tablighi Jamaat followers in alleged violation of the orders against large gatherings to contain the spread of coronavirus.
A special task force which would comprise the Financial Intelligence Wing, enforcement directorate, directorate of Revenue Intelligence and the Income Tax department, has been set up for the purpose.
The on-going search operation started a fortnight back in which the evasion by firms providing real estate services, including renting and other collaborations was detected, official sources said.
The Central Economic Intelligence Bureau, lead agency under Finance Ministry to gather and disseminate intelligence related to financial crimes, has traced illegal flow of money through Private Placement Programme, which involves offering of securities to select individuals or groups, upto 50 in numbers, official sources said.
CEC Sunil Arora will meet former heads of Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs on Friday to discuss ways to keep a check on black money disbursements in South India, especially Tamil Nadu.
Financial Intelligence Unit will also provide information in this regard to the Income Tax department.
Vicky Nanjappa explains how the player-bookie nexus works.
The company paid over Rs 231 crore over three years to a web of 135 fake firms.
The Gupta family has relocated to Dubai amid corruption charges against them in South Africa.
With the Financial Intelligence Unit deciding to probe three major banks for alleged money laundering, it is interesting to note that the same agency also conducted a probe in the HSBC money laundering case.
The Central Bureau of Investigation has come across layered financial transactions undertaken by officials and politicians accused in the Uttar Pradesh National Rural Health Mission scam to cover tracks of illegal gratification and has involved Income Tax department and Financial Intelligence Unit to unearth the money trail.
In almost every hawala deal, 10 per cent of the amount goes towards terror funding, reports Vicky Nanjappa
Home Minister's statement regarding the investment of terrorist funds in the stock market is yet another wake up call.
Market watchdog Sebi has asked various banks to provide it all account details of the Sahara group as well as their promoters and directors, and is also seeking help from RBI, ED and Financial Intelligence Unit as part of a multi-pronged probe into the entity.
About Rs 2,280 crore (Rs 22.80 billion) unaccounted income being allegedly routed through Private Placement Programme (PPP) has been detected by economic intelligence sleuths.
Financial Intelligence Unit India receives, processes as well as disseminates information related to suspect financial transactions.
Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations.
4 luxury SUVs and documents indicating 'benami' assets of Rs 300 crore have been recovered during income tax raids.
'The number of STRs received in 2016-17 is 4,73,006 which is more than four times as compared to 2015-16 and this increase is attributed to demonetisaton exercise...,' the Financial Intelligence Unit's report has said.
European countries are being used as hot destinations by terror group Al Qaeda to route money to India, according to a report by Peruvian Financial Intelligence Unit (FIU).
Investigators probing the failed Times Square bombing suspect that a hawala racket was used to fund the terror plot. Hawala is the most common source of funds for terror operations and the global underground racket amounts to a whopping Rs 8000 crore. Sources in the Financial Intelligence Unit say that Indian hawala operations account for a massive Rs 2000 crore.Most hawala transactions that fund terror operations originate in Pakistan.
A United States official is set to hold talks in the United Arab Emirates, Bahrain and Lebanon this week on sanctions imposed by the United Nations Security Council on Iran over its nuclear programme.
A CBTR pertains to transfer of funds through various channels abroad.
The Prevention of Money Laundering Act, 2002, requires all financial institutions, banks and intermediaries like merchant bankers, FIIs and stock brokers to submit reports on suspicious transactions above Rs 1 million in Indian or foreign currency. According to FIU's annual report for 2007-8, while the agency received 2.2 million such cash transaction reports from banks, other financial intermediaries put together have submitted only 2,500 suspicious transaction reports.
The foreign agency has claimed four accounts held by the Jindals.
The move is under consideration as the cash transaction reports just from commercial banks have shot up from 2.2 million to nearly 6 million for FY08. The number could go up further since data for the full financial year is still being compiled. Similarly, last year, the agency received more than 2,500 suspicious transaction reports from various entities in the financial sector, as compared with 817 in FY07.
Around 100 cases have also been forwarded by the FIU to intelligence agencies, besides the RBI, SEBI and IRDA for further investigation and action, they said.
Trading of diamonds especially with a gulf country has come under the lens of intelligence agencies here for suspected terror financing and money laundering.
The Financial Intelligence Unit last month marked 200 transactions in India -- running into Rs 2000 crore -- as terror-financed. Now, it has commenced its probe to trace the origin of the funds.
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