FATF lauds India efforts to combat laundering and terrorist financing
mutual evaluation report (MER) that the Financial Action Task Force (FATF) adopted at its meeting in Singapore recognised the Indian government's achievements in fighting money laundering and the funding of terrorism, the finance ministry said.
«The MER adopted in the FATF plenary places India in the 'regular follow-up' category, a distinction shared by only four other G20 countries,» the finance ministry said in a statement on Friday. «This marks a significant milestone in the nation's efforts to combat money laundering (ML) and terrorist financing (TF).»
The MER assessed the effectiveness of India's measures to combat money laundering, terrorist financing and proliferation financing, as well as its compliance with FATF norms, the intergovernmental body said in a statement on Friday. «India has reached a high level of technical compliance with the FATF requirements and its anti-money laundering and terrorist financing regime is achieving good results,» the FATF noted.
'Need to Speed up Cases'
«However, improvements are needed to strengthen the supervision and implementation of preventive measures in some non-financial sectors,» it said.
The FATF plenary, comprising over 200 jurisdictions and observers from international organisations, said: «India also needs to address delays relating to concluding money laundering and terrorist financing prosecutions, and to ensure that counter-terror measures aimed at preventing the non-profit sector from being abused for terrorist financing are implemented in line with the
