So, it is imperative that we treat terrorists, their allies, sympathizers, and associates, with the same yard stick, and not get fooled by some of the sugar coated pills in which blatant and horrendous acts of terrorism are sometimes cleverly packaged and presented. What are the other manifestation of these organized funding schemes? We, in the South Asian Region, are conscious of the unofficial banking systems that operate, like the Hawala and Hundi, which pose a serious threat to our efforts to close the avenues available to money launderers and terrorists. These underground banking services provide the ideal framework and the means for laundering of money and financing terrorism. It has just been reported that the Indian Income Tax Department early this year, busted a money-laundering racket during a routine investigation into Hawala transactions. From the information unearthed so far, they have discovered that Transworld ICT was only a front for a huge money laundering scam. In this scam, a certain Delhibased businessman, is said to have, by himself, remitted US $ 1.4 billion between January and July 2006 "as proceeds of software business" through Transworld ICT Solutions, which essentially worked as an illegal clearing house. BIS Review 48/2007  1  We are of course, mindful of the efforts of the international standardsetters and watchdogs, to deal with these situations. They work tirelessly to review and recommend the preventive measures needed to be taken in this regard.
Our physical presence gives us the opportunity to better engage with and learn from our communities. Our mission is to make the U.S. economy stronger and the financial system more stable for all segments of society, and supporting local economies is a key part of that. The New York Fed is proud to be an anchor institution of New York City, and we want the city-and all of its people-to thrive. I'd like to share a bit more about why having these discussions is so important for the future of this city and for us here at the New York Fed. And with that, I must give the standard Fed disclaimer that the views I express are my own and do not necessarily reflect those of the Federal Open Market Committee or anyone else in the Federal Reserve System. The City's Present and Future Native New Yorker John Jay Chapman once said, "The present in New York is so powerful that the past is lost." You can feel that powerful reality when you walk the streets today. Indeed, this city was once an epicenter of the pandemic: we were hit early, and we were hit hard. The virus spread rapidly, leading to widespread hospitalizations and a devastating death toll. During the initial months of the pandemic, one out of five jobs in the city disappeared. In the restaurant industry in particular, 70 percent of jobs were lost. Other industries, such as retail and even health care, experienced outsized losses as well.