SC’s judgement on Terror Financing
Part of: GS Prelims and GS – II – Judiciary & GS-III – Terrorism
- Extortion money paid to a terrorist organisation to protect one’s business is not terror funding, the Supreme Court has said in a judgment.
- With this, Supreme Court 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 Financial Action Task Force on Money Laundering (FATF) has made recommendations to members relating to counter terrorism financing (CTF).
- It has created a Blacklist and Greylist of countries that have not taken adequate CTF action.
- FATF is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.
- In 2001, its mandate was expanded to include terrorism financing.