Financial Action Task Force recognises efforts made by India, removes it from increased monitoring list

The FATF discussed and adopted the mutual evaluation report of India which assessed the effectiveness of India’s measures to combat money laundering, terrorist financing and proliferation financing

The FATF removed two countries (India and Kuwait) from its increased monitoring following successful on-site visits. File photo

Tribune News Service

Ajay Banerjee

New Delhi, June 28
The Financial Action Task Force (FATF) in its report today said India’s measures to combat money laundering, terrorist financing and proliferation financing were assessed and were found compliant with the guidelines of the FATF.

The sixth and final plenary of the FATF under the presidency of T Raja Kumar of Singapore concluded today. The chairman’s summary of the event gave out the opinion on India.

It said, “The FATF removed two countries (India and Kuwait) from its increased monitoring following successful on-site visits.”

The Paris-headquartered FATF is a global network of over 200 jurisdictions and observers from international organisations.

The plenary session concluded after three days of discussions on key money laundering, terrorism financing and proliferation financing issues in Singapore.

The statement said, “The FATF discussed and adopted the mutual evaluation report of India which assessed the effectiveness of India’s measures to combat money laundering, terrorist financing and proliferation financing, and their compliance with the FATF recommendations.”

The plenary concluded that India has reached “a high level of technical compliance with the FATF requirements and regime is achieving good results”.

The statement mentioned India’s money laundering and terror-financing work, saying it works on understanding risk, international cooperation, access to basic and beneficial ownership information, use of financial intelligence, and depriving criminals of their assets and counter-proliferation financing measures.

The FATF went on suggest improvements to strengthen the supervision and implementation of preventive measures in some of the non- financial sectors.

India, the FATF said, needs to address delays relating to concluding prosecutions and to ensure that combating the financing of terrorism measures aimed at preventing the non-profit sector from being abused for terror financing are implemented in line with the risk-based approach, including by conducting outreach to non-profit organisations.

About The Author

Tribune News Service

The Tribune News Service brings you the latest news, analysis and insights from the region, India and around the world. Follow the Tribune News Service for a wide-ranging coverage of events as they unfold, with perspective and clarity.