look news india
New Delhi, June 28 (HS). The Financial Action Task Force (FATF) has accepted India's mutual assessment report in its plenary session in Singapore. This report of India has been accepted in the plenary session of FATF held in Singapore.
In a statement issued on Friday, the Finance Ministry said that India's mutual evaluation report was accepted at the FATF plenary session held in Singapore between June 26 and June 28, 2024. This report has placed India in the 'regular follow-up' category. This is an honor that only four other G-20 countries have received.
According to the ministry, this marks a significant achievement in India's efforts to combat money laundering (LL) and terrorist financing (TF). Apart from all this, FATF has recognized the following efforts of India. This includes reducing the risks arising from money laundering / terrorist financing, including the laundering of proceeds from corruption, fraud and organized crime.
Along with this, India has implemented effective measures to transform from a cash-based economy to a digital economy to reduce money laundering / terrorist financing risks. At the same time, the implementation of JAM (Jan Dhan, Aadhar, Mobile) trinity along with stringent regulations on cash transactions has significantly increased financial inclusion and digital transactions. These measures have made transactions more transparent, thereby reducing money laundering / terrorist financing risks and increasing financial inclusion.
What is FATF
The Financial Action Task Force (FATF) is an inter-governmental organization. It was established in the year 1989. The purpose of its formation is to deal with threats related to money laundering, terrorist funding and the security of the international financial system. India became a member of FATF in 2010.
