theIASHub | 29 Jun, 2024
Context: India has reached a "high level of technical compliance" with FATF's global anti-money laundering requirements, although the agency highlighted the need for enhanced supervision and implementation of preventive measures in certain non-financial sectors.
Financial Action Task Force (FATF)
oIndia joined FATF in 2010.
oCoordinate global response: Development of FATF Recommendations, also known as FATF Standards, to ensure a coordinated global response against organized crime, corruption, and terrorism.
oEffective Money Pursuit: Assistance provided by FATF to authorities in tracking and seizing the funds of criminals engaged in illegal activities such as drug trafficking and human trafficking.
oEvaluation of Anti-Money Laundering Frameworks: Assessment conducted by FATF to evaluate the strength of a country's anti-money laundering and counter-terrorist financing frameworks.
oMutual Evaluations (ME): FATF conducts regular peer-reviewed evaluations known as Mutual Evaluations (ME) to assess countries' compliance with the standards set by FATF.
FATF has maintained Two list:
oFATF urges members and non-members to apply enhanced due diligence when dealing with these countries.
oCurrent blacklisted countries: North Korea and Iran.
oInclusion serves as a warning of potential blacklisting.
oExample: Current grey list includes Barbados and Albania.
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