Better Implementation of anti money laundering by India

In its brief outcome statement, the Financial Action Task Force (FATF), a global anti-money laundering watchdog, has put India in the “regular follow-up” category and underlined the need to address delays in concluding prosecution in cases on money laundering and terror financing.

The FATF has said India has reached a “high level of technical compliance” in line with its (FTAF’s) guidelines. However, the country must do more to strengthen its oversight and implementation of preventive measures in certain on-financial sectors.

The finance ministry is of the view that good ratings will give India better access to global financial markets and institutions and increase investor confidence. It will also help in the global expansion of Unified Payments Interface (UPI), India’s digital payment ecosystem, the ministry noted.

The task force said India was achieving good results, including in its money-laundering and terror-financing risk understanding, international cooperation, access to basic and beneficial ownership information, use of financial intelligence, and depriving criminals of their assets and counter-proliferation financing measures. The task force recommended India take a “risk-based approach” in implementing counter terrorism financing measure in the non-profit sector.

Among the 17 countries evaluated in the fourth round in G20, only four other countries are in the “regular follow-up” category. The rest are in the “enhanced follow-up” tent and one of them is on the grey list.

The implementation of the (JAM) Jan Dhan, Aadhaar, Mobile trinity and stringent regulations on cash transaction have increased financial inclusion and digital transactions. 

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