India has received the praise of the terror financing watchdog Financial Action Task Force (FATF) for achieving a high level of technical compliance with its recommendations and taking major steps to implement measures to deal with illegal finance, media reports said.
India has been placed in the regular follow-up category, a distinction shared by only four other G20 nations.
These achievements include a strong understanding of risks, better access to beneficial ownership information, and efforts to deprive criminals of their assets. The report highlights that Indian authorities effectively utilise financial intelligence and maintain strong cooperation both domestically and internationally. While India investigates money laundering cases related to fraud and forgery, in line with its predicate crime risks, the report stressed the need for greater action in addressing offences like human trafficking and drug trafficking.
The report underscored the importance of reducing the backlog of money laundering cases awaiting court resolution. (IB)
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