Contemporary techniques like counterfeiting, piracy and smuggling are fast emerging as the likely sources for terrorism financing, according to a Ficci-Ernst & Young study.
"Counterfeiting, piracy and smuggling are emerging as the likely sources for financing of international terrorist organisations, non-state sponsored terrorist organisations and domestic terrorist groups," the study said.
While conventional modes of terrorism financing such as state sponsorship and donations continue to play a big role, newer modes such as counterfeiting, piracy and smuggling have also started emerging and terrorist organisations worldwide are exploiting such means to further their cause, it said.
The study suggested measures like setting up of government agencies that should be solely responsible for preventing counterfeiting and piracy.
Besides, it also recommended strengthening of laws and regulations to aid enforcement agencies in investigating and prosecuting perpetrators of such crimes.
According to the study, the government must create and implement standard technical solutions for piracy and smuggling, to be adopted across industry sectors and create awareness among consumers and enforcement agencies on the importance of effectively tackling counterfeiting, piracy and smuggling.
"Terrorist organisations have begun to see counterfeiting and piracy as an excellent source of funding. Terrorists are increasingly becoming engaged in counterfeiting and piracy activities," it said.
There is a definite connection between organised crime and terrorism, through which the proceeds of counterfeiting are indirectly transferred to fund terrorist activities, it added.
