New Delhi: Observing that terrorists primarily use hawala channels to route their funds, Government today said even the banking channels were a “significant route” for movement of money by these elements.
“As per available reports, terrorists and terrorist organizations active in India are using different channels to fund their operations. They route their funds mainly through hawala and other informal means.This was mentioned by Minister of State for Home Sriprakash Jaiswal, in reply to questions in the Rajya Sabha.
He said the government was pursuing a multi-dimensional approach to deal with terrorist operations and supporting states to neutralize their activities.
To a question on the recent observations of National Security Advisor M K Narayanan on the matter, Jaiswal said NSA had recently recounted methods adopted by terror outfits to generate funds and had pointed towards reported their “misuse” of the formal financial system.
According to him revenue, security and law enforcement agencies were regularly sensitized to pursue an inter-agency approach to detect these channels and the use of funds received by terror groups.
“There is continuous coordination between Home, Defence, Finance and other Ministries, which are the administrative ministries of security sensitive sectors,” he said, adding that proposals relating to such sectors were referred to the Home and Defence Ministries for vetting from the security angle.