fatf is impressed with the prevention of money laundering in india

India has an excellent record in controlling illegal money transactions, catching illegal earnings and preventing access of financial resources to terrorist organizations. Financial Action Task Force (FATF) has published a report on India’s measures to combat money laundering and terrorist financing. India has implemented a system to prevent money laundering and combating terrorist financing which is effective in many ways. FATF said about India that major reforms are needed to strengthen prosecution in cases of money laundering and terrorist financing. Reforms are required to ensure that the non-profit sector is not used in activities related to terrorism.

FATF said in its report that the main source of money laundering in India originates from illicit activities within the country. These risks are mainly related to fraud, including cyber-fraud, corruption and drug trafficking. The country needs to address the backlog of money laundering cases pending the conclusion of court processes. However, India needs to focus on ending prosecution and convicting terrorist financiers and imposing sanctions appropriately.

The Financial Action Task Force (FATF) is a monitoring agency formed by the G-7 group. It is established to prevent money laundering, terrorism and the proliferation and financing of destructive weapons at the international level. It sets international standards with the aim of preventing such illegal activities. After monitoring, it gives targets to countries, such as legal action against terrorists, and advises them to make laws to prevent arms smuggling.

FATF publishes the report on India’s measures to combat money laundering and terrorist financing – India’s main money laundering risks originate from illegal activities within the country, these risks relate primarily to fraud, including cyber-enabled fraud, corruption and drug… pic.twitter.com/Of6ekz40LD

— ANI (@ANI) September 19, 2024