'Good FATF rating to help India Inc raise overseas funds without elaborate background checks'
FATF rating obtained by India will enable domestic companies to access overseas investments without going through elaborate background checks and enhanced due diligence process, highly placed sources said. The global crime watchdog, FATF on Friday adopted mutual evaluation report on India and placed the country in «regular follow-up» category.
The Financial Action Task Force (FATF) hailed India for achieving high level of technical compliance. It said the country's efforts towards anti-money laundering (AML) and countering of terror financing (CFT) are achieving good results.
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Offering CollegeCourseWebsiteIIM LucknowChief Operations Officer ProgrammeVisitUniversity of Western AustraliaUWA Global MBAVisitIndian School of BusinessISB Chief Technology OfficerVisitSources said good rating by FATF means that the financial system and AML/CFT framework is robust.
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«Indian companies accessing investments abroad will not be required to go through elaborate background checks and enhanced due diligence measures applicable to jurisdictions not placed in regular follow-up,» a highly placed source said.
FATF places member countries in any of the four categories — regular follow-up, enhanced follow-up, grey list and black list — regular follow-up being the top most category.
Sources said only 5 countries including India, among G20 nations have been placed in regular follow-up category after the mutual evaluation report.
Amongst 177 countries covered by FATF and its
