New Delhi: Financial Action Task ForceFATFA Paris-based inter-governmental monitoring body on Money Laundering and Anti-Terrorist Financing (AML and CTF), in May next year, will evaluate India’s efforts towards enforcing laws related to black money and financing of terrorism.
‘Mutual assessment’ and a good score by the FATF are important for any country to remain integrated with the global financial system and receive funding from multilateral institutions. world Bank And this International Monetary Fund at low interest rates.
The ‘mutual assessment’ of India by the FATF, which has been postponed twice since 2019, will take place in May 2023 to assess the functioning of its legislative initiatives and the enforcement of its AML and CTF laws.
Pakistan is facing difficulty in getting funds from the IMF as it has been retained in the ‘Grey List’ of the FATF for four years. Islamabad again failed to pass the FATF test last week, despite intensive lobbying and adhering to around 30 of 34 action points set by the Paris-based anti-money laundering watchdog. It will now face an ‘onsite assessment’ sometime later this year.
In India’s case, sources said, the FATF’s evaluation will focus on examining whether anti-money laundering and counter-terror agencies of Delhi eliminate the generation of ‘dirty money’ and its potential for terror financing. How effectively are you working to eliminate the twist.
Pending the evaluation, India had stepped up its efforts to ensure speedy trial of cases registered by agencies such as the Enforcement Directorate and the National Investigation Agency, two major investigative agencies tasked with AML and CTF operations.
ED has so far registered 4,600 cases under it PMLA And properties worth Rs 97,000 crore belonging to hundreds of accused have been attached. Due to the slow system of dispensing justice, very few convictions have been made in the cases registered by him.
The Anti-Money Laundering Agency has filed chargesheets in over 900 cases, for which hearings have begun in courts, but are pending at various stages due to long hours and series of adjournments. Last year, the government had asked both the ED and the NIA to seek more punishment in the cases they are probing, a parameter to be judged for its effectiveness during the FATF evaluation.
Out of Rs 97,000 crore of provisional attachment of properties, the ED has been able to confirm its orders by the judicial authority for assets worth Rs 67,000 crore, where it has been held prima facie valid and the agency has been taken over. Property.
Last year, the government launched a national risk assessment under which central agencies were tasked with assessing vulnerable sectors of the economy for money laundering and terror financing.
‘Mutual assessment’ and a good score by the FATF are important for any country to remain integrated with the global financial system and receive funding from multilateral institutions. world Bank And this International Monetary Fund at low interest rates.
The ‘mutual assessment’ of India by the FATF, which has been postponed twice since 2019, will take place in May 2023 to assess the functioning of its legislative initiatives and the enforcement of its AML and CTF laws.
Pakistan is facing difficulty in getting funds from the IMF as it has been retained in the ‘Grey List’ of the FATF for four years. Islamabad again failed to pass the FATF test last week, despite intensive lobbying and adhering to around 30 of 34 action points set by the Paris-based anti-money laundering watchdog. It will now face an ‘onsite assessment’ sometime later this year.
In India’s case, sources said, the FATF’s evaluation will focus on examining whether anti-money laundering and counter-terror agencies of Delhi eliminate the generation of ‘dirty money’ and its potential for terror financing. How effectively are you working to eliminate the twist.
Pending the evaluation, India had stepped up its efforts to ensure speedy trial of cases registered by agencies such as the Enforcement Directorate and the National Investigation Agency, two major investigative agencies tasked with AML and CTF operations.
ED has so far registered 4,600 cases under it PMLA And properties worth Rs 97,000 crore belonging to hundreds of accused have been attached. Due to the slow system of dispensing justice, very few convictions have been made in the cases registered by him.
The Anti-Money Laundering Agency has filed chargesheets in over 900 cases, for which hearings have begun in courts, but are pending at various stages due to long hours and series of adjournments. Last year, the government had asked both the ED and the NIA to seek more punishment in the cases they are probing, a parameter to be judged for its effectiveness during the FATF evaluation.
Out of Rs 97,000 crore of provisional attachment of properties, the ED has been able to confirm its orders by the judicial authority for assets worth Rs 67,000 crore, where it has been held prima facie valid and the agency has been taken over. Property.
Last year, the government launched a national risk assessment under which central agencies were tasked with assessing vulnerable sectors of the economy for money laundering and terror financing.