The Monetary Motion Process Drive stated enhancements have been wanted to the system to guard the non-profit sector from terrorist abuse. File | Picture credit score: Reuters
The worldwide anti-money laundering and counter-terrorism financing physique, the Monetary Motion Process Drive (FATF), launched its long-awaited mutual analysis report on India, saying the nation’s methods have been “efficient” however “vital enhancements” have been required to strengthen prosecution in such instances on Thursday (September 19, 2024).
The report notes that India has carried out an anti-money laundering and counter-terrorist financing system that has been efficient in lots of respects. Nonetheless, it notes that “vital enhancements” are required to strengthen legal prosecution in cash laundering and terrorist financing instances.
The 368-page report was launched after the Paris-based physique authorized the evaluation at its plenary assembly in June. The final such overview of India’s anti-money laundering and countering the financing of terrorism regime was revealed in 2010.
The report, which follows an on-site go to by FATF specialists to India final November, has positioned the nation within the “common monitoring” class, a distinction shared by solely 4 different G20 nations.
India will conduct its subsequent evaluation in 2031.
He stated enhancements have been additionally wanted to the system to guard the non-profit sector from terrorist abuse.
“The primary sources of cash laundering in India originate from inside, from unlawful actions dedicated inside the nation,” he stated, including that the nation faces a “disparate” vary of terrorist threats, most importantly from ISIL (Islamic State or ISIS) or AQ (Al Qaeda)-linked teams energetic in and round Jammu and Kashmir.
The report analyses the extent of compliance with the 40 FATF suggestions and the extent of effectiveness of India’s AML/CFT system, and offers suggestions on the way to strengthen the system.
Printed – September 19, 2024 06:23 pm IST