The Ministry of Finance on Friday announced India has achieved an outstanding outcome in the Mutual Evaluation conducted during 2023-24 by Financial Action Task Force (FATF).
The Ministry said Mutual Evaluation Report of India, which was adopted in the FATF plenary held in Singapore between June 26 and June 28, places India in the ‘regular follow-up’ category, a distinction shared by only four other G20 countries.
India’s performance on the FATF Mutual Evaluation holds significant advantages for country’s growing economy, as it demonstrates the overall stability and integrity of the financial system.
This recognition from the FATF is a testament to the rigorous and effective measures implemented by India over the last 10 years to safeguard its financial system from ML/TF threats.
It underscores the country’s commitment to international standards and its proactive stance in the global fight against financial crimes.
“This sets a benchmark for countries in our region to effectively implement international standards on terrorist financing. India’s excellent rating will enhance the capacity of our country to lead the global effort on countering cross border terror financing and money laundering,” the statement said.
This multi-pronged strategy has brought these measures in line with international standards and has demonstrably proven to be effective, yielding positive results. Indian authorities have had success in dismantling the terror funding network using actionable intelligence inputs. These operations have stemmed the flow of terror funding, black money, and narcotics, even along the coastline.
Over a two-year period, the Department of Revenue (DoR) spearheaded India’s engagement with FATF during the mutual evaluation process.
India is already a member of the FATF Steering Group. India’s current performance will provide India with an opportunity to contribute significantly to the group’s overall functioning.
India remains committed to further strengthening its AML/CFT framework and continuing its collaboration with international partners to combat financial crimes.
The nation will build on this success to ensure a secure and transparent financial environment for all. (India Blooms)
