India got a big success in the fight against money laundering, FATF gave this special title

Ananya Shroff
4 Min Read
India got a big success in the fight against money laundering, FATF gave this special title


New Delhi: The Financial Action Task Force (FATF) has praised India's efforts against money laundering. The FATF evaluated India during 2023-24, the report of which was adopted at the meeting held in Singapore on June 26-28. In this report, India has been placed in the Regular Follow-up category, which only four other countries among the G-20 countries have received. This is a significant achievement for India in the fight against money laundering and terror funding.

FATF appreciated these efforts of India
Reducing the risk of money being transferred from corruption, fraud and organised crime to money laundering.
Steps were taken to move towards a cashless economy, thereby reducing the risk of money laundering and terrorism financing.
Financial inclusion and digital transactions have increased significantly due to the implementation of schemes like Jan-Aadhaar and mobile and strict regulations on cash transactions. This has made it easier to track transactions, reducing the risk of money laundering and terrorist funding and increasing financial inclusion.

What impact will FATF's good rating have on India?
India's good performance in the FATF report will greatly benefit the country's growing economy. It reflects the strength and transparency of India's financial system. A good rating will give India easy access to global financial markets and institutions, which will also increase the confidence of foreign investors. This will also help in the global expansion of India's fast-growing payment system UPI. It is worth noting that India is already a member of the FATF Steering Committee. This good rating will give India an opportunity to make even more significant contributions to the functioning of the group.

What did the Finance Ministry say?
According to the Finance Ministry, FATF recognition honours the strict and effective steps taken by India over the last 10 years to protect the country's financial system from the threats of money laundering and terrorist funding. These ratings show that India is committed to international standards and is playing an active role in the global fight against financial crimes. It sets an example for countries in our region to implement international standards. This excellent rating of India will enhance the country's ability to play a leading role in global efforts to prevent cross-border money laundering and terrorist funding. The Finance Ministry also said that India is committed to further strengthen its anti-money laundering (AML) and anti-terror financing (CFT) framework in the future and continue international cooperation to fight financial crimes. India will build on this success and ensure a safe and transparent financial environment for all.

What is FATF?
The Financial Action Task Force (FATF) is an inter-governmental organisation that aims to prevent money laundering, terrorist funding and other crimes that pose a threat to the soundness of the international financial system. It was founded in 1989. India became a member of FATF in 2010.


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