June 28th 2024.
Singapore: On Friday, the Financial Action Task Force unanimously adopted India's mutual evaluation report on anti-money laundering and countering the financing of terrorism. This decision was met with great enthusiasm by the Indian government, who called it a "significant milestone." The global body released a brief statement following their plenary meeting, commending India for achieving positive results in their legal regime concerning these two areas.
However, the FATF also pointed out that India needs to work on addressing delays in concluding money laundering and terrorist financing prosecutions. They also mentioned that the final evaluation report for India will be published at a later date, once the quality and consistency review is completed. The FATF, headquartered in Paris, is a leader in global efforts to combat money laundering, terrorist financing, and proliferation financing. These latest decisions were announced during the FATF Plenary, which took place in Singapore from June 26-28.
Representing India at this meeting was Additional Secretary in the Union Finance Ministry and Director of the Financial Intelligence Unit, Vivek Aggarwal. In a statement released by the Union Finance Ministry in New Delhi, it was declared that the positive evaluation of India by the FATF is a major accomplishment in the country's fight against money laundering and terror financing. The ministry also stated that India's performance on the FATF mutual evaluation demonstrates the overall stability and integrity of the financial system.
India's last mutual evaluation on FATF guidelines was conducted in 2010. This evaluation assesses a country's ability to effectively implement laws and policies to combat financial crimes. Earlier this year, an FATF peer review of India was completed after a team visited New Delhi and met with officials from various intelligence and investigative agencies.
PTI
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