India has achieved notable success in the Mutual Evaluation conducted by FATF during 2023-24. India's Mutual Evaluation Report, adopted at the FATF Plenary Session in Singapore on June 26-28, 2024, classifies India as “fair follower,” a distinction held by only four other G20 countries.
This milestone underlines India's significant progress in the fight against money laundering (ML) and terrorist financing (TF).
The FATF has recognized India's efforts in several areas including:
Address the risks associated with money laundering (ML) and terrorist financing (TF), particularly with regard to money laundering from corruption, fraud and organized crime.
Implement effective measures to move from a cash-based to a digital economy, aimed at reducing ML/TF risks.
Introducing JAM (Jan Dhan, Aadhaar, Mobile) Trinity and strict regulations on cash transactions. These initiatives have significantly improved financial inclusion and digital transactions, making transactions more traceable and therefore mitigating ML/TF risks.
India's performance in the FATF Mutual Evaluation brings substantial benefits to its flourishing economy, showcasing the stability and integrity of its financial system.
Positive ratings promise better access to global financial markets and institutions, which will increase investor confidence.
Additionally, it supports the global expansion of the Unified Payments Interface (UPI), India's fast payments system.
This FATF recognition underscores India's decade-long commitment to implement rigorous measures to protect its financial system from the threats of money laundering (ML) and terrorist financing (FT).
It establishes a benchmark for countries in the region to effectively adopt international standards in the fight against the financing of terrorism.
India's outstanding rating enhances its ability to lead global efforts against cross-border terrorist financing and money laundering.
Since 2014, India has enacted legislative changes and strengthened law enforcement to effectively combat money laundering, terrorist financing and illicit funds. These efforts align with international standards and have proven successful, particularly in dismantling terrorist financing networks based on actionable intelligence. The operations have stemmed the flow of terrorist funds, illicit money and narcotics, including along the coasts.
According to experts, this FATF recognition suggests that India is taking significant steps in strengthening its financial regulatory system to combat illicit financial activities and ensure compliance with international standards aimed at maintaining global financial stability and security.
Established in 1989, the Financial Action Task Force (FATF) is an intergovernmental organization charged with overseeing global efforts to combat money laundering, terrorist financing and other threats to the integrity of the international financial system.
India joined FATF as a member in 2010.
This milestone underlines India's significant progress in the fight against money laundering (ML) and terrorist financing (TF).
The FATF has recognized India's efforts in several areas including:
Address the risks associated with money laundering (ML) and terrorist financing (TF), particularly with regard to money laundering from corruption, fraud and organized crime.
Implement effective measures to move from a cash-based to a digital economy, aimed at reducing ML/TF risks.
Introducing JAM (Jan Dhan, Aadhaar, Mobile) Trinity and strict regulations on cash transactions. These initiatives have significantly improved financial inclusion and digital transactions, making transactions more traceable and therefore mitigating ML/TF risks.
India's performance in the FATF Mutual Evaluation brings substantial benefits to its flourishing economy, showcasing the stability and integrity of its financial system.
Positive ratings promise better access to global financial markets and institutions, which will increase investor confidence.
Additionally, it supports the global expansion of the Unified Payments Interface (UPI), India's fast payments system.
This FATF recognition underscores India's decade-long commitment to implement rigorous measures to protect its financial system from the threats of money laundering (ML) and terrorist financing (FT).
It establishes a benchmark for countries in the region to effectively adopt international standards in the fight against the financing of terrorism.
India's outstanding rating enhances its ability to lead global efforts against cross-border terrorist financing and money laundering.
Since 2014, India has enacted legislative changes and strengthened law enforcement to effectively combat money laundering, terrorist financing and illicit funds. These efforts align with international standards and have proven successful, particularly in dismantling terrorist financing networks based on actionable intelligence. The operations have stemmed the flow of terrorist funds, illicit money and narcotics, including along the coasts.
According to experts, this FATF recognition suggests that India is taking significant steps in strengthening its financial regulatory system to combat illicit financial activities and ensure compliance with international standards aimed at maintaining global financial stability and security.
Established in 1989, the Financial Action Task Force (FATF) is an intergovernmental organization charged with overseeing global efforts to combat money laundering, terrorist financing and other threats to the integrity of the international financial system.
India joined FATF as a member in 2010.
