I-T warns of deploying FATF against errant NPOs

Hyderabad: Deputy commissioner of Hyderabad and Andhra Pradesh I-T Department Sudha Korivi on Sunday appealed to non-profit organisations to maintain statements of funds flows and ensure transparency, warning of deploying the financial action task force to prevent misuse of funds for activities, such as terrorism. “FATF tries to address risk to NPOs, as they are vulnerable for a variety of reasons, such as NPOs enjoy public trust, have access to considerable sources of funds, and are often cash intensive. In some cases, terrorist organisations have infiltrated NPOs and misuse funds and operations to cover for or support terror activities,” Korivi said. The task force also looks into books of accounts and supporting related documents of financial transactions,” Korivi said.