India’s illicit financial activities

US Department of Treasury’s FinCEN, the Financial Crimes Investigation Network, show 44 state-owned and private banks in India conducted suspicious transactions.  In total, these banks carried 2,000 transactions valued at over $1 billion between 2011 and 2017.Data gathered by the International Consortium of Investigative Journalism (ICIJ) from the suspicious activity reports (SAR) filed by US banks, shows that the flagged transactions carried by the Indian banks could be relate to activities such as money laundering, terrorism and drugs.

Commenting on the damning report on India’s illicit financial activities, Dr. Shahida Wizarat, Head of Economics Department, Institute of Business Management, said “Pakistan needs to raise this issue at every forum. Islamabad needs to assemble a coalition of countries that have been at the receiving end of India’s terrorism to raise this matter before the International Court of Justice, the United Nations and FATF.”