FATF report has proven India's credibility to world: FinMin official
FATF's mutual evaluation report, which upgraded India to «regular follow up category» has proven to the world the credibility, integrity and strength of the country's institutional framework, Vivek Aggarwal, additional secretary at department of revenue in the finance ministry has said.
«We have been assessed very deeply, comprehensively and there is no fault that has been found, so far as our integrity and credibility of our institutional framework is concerned...This is a major plus and a demonstration to the world that the Indian system is in place and it works,» Agarwal, who heads the Financial Intelligence Unit, told ET.
FIU was the nodal coordinating body for the assessment by the FATF.
The 368-page FATF report, sporting a picture of the country's new Parliament draped in tricolour lights, was released Thursday after the assessment was adopted by the Paris-headquartered body during its plenary meeting in June. «Regular follow up» distinction is shared by only four other G20 countries.
The report has noted that India achieved a high level of technical compliance across the FATF recommendations and took significant steps to implement measures to tackle illicit finance.
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