Terror funding
GS PAPER III: Security challenges and their management in border areas - linkages of organized crime with terrorism.
Context: In an important ruling, the Supreme Court said paying extortion money to terror groups to carry on business activities smoothly could not be termed as funding terror organisations and granted bail to a Jharkhand coal transporter who had paid huge amounts to the Tritiya Prastuti Committee (TPC), a breakaway faction of the CPI (Maoist).
- The SC said paying extortion money and meeting members of a terrorist organisation for that purpose could not implicate a person as a conspirator for raising funds for the unlawful organisation.
About Money laundering:
- "Money laundering" is the process by which proceeds from a criminal activity are disguised to conceal their illicit origin.
- More precisely, according to the Vienna Convention and the Palermo Convention provisions on money laundering, it may encompass three distinct, alternative actus reas:
(i) the conversion or transfer, knowing that such property is the proceeds of crime
(ii) the concealment or disguise of the true nature, source, location, disposition, movement or ownership of or rights with respect to property, knowing that such property is the proceeds of crime; and
(iii) the acquisition, posession or use of property, knowing, at the time of the receipt, that such property is the proceeds of crime.
FATF
- Financial Action Task Force (FATF), which is a 33-member organization with primary responsibility for developing a world-wide standard for anti-money laundering and combating the financing of terrorism.
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