300% rise in suspicious terror financing cases: FIU report
increase from the last time.
While a total of 3,27,382 counterfeit currency reports were reported to FIU in 2011-12, these reports stood at 2,51,448 during 2010-11.
A fake currency report includes details of an instance of counterfeit currency detected by a bank. Since 2008, the FIU has received such reports of fake currency with a face value of over Rs 60 crore.
"The FIU, however, does its due diligence while processing these requests by intelligence agencies as a number of these suspicious transactions may not turn out to be actually a potent threat to national security but may have been done in
circumstances of unjustified complexity ringing alarm bells," a senior Finance Ministry official said.
He added that the increase in number of terrorist financing-related requests is also due to security agencies working to crack on the funding route of a number of home-
grown and foreign terror modules.
The FIU has enhanced its compliance mechanisms in this category as well
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