Singapore, The Financial Action Task Force (FATF) on Friday adopted the mutual evaluation report of India's anti-money laundering and anti-terrorist financing regime, a move hailed by the government as a "major milestone".
In its brief concluding statement after its plenary meeting here, the global body said India's legal regime in these two areas was achieving good results.
However, he said the country needs to address delays related to the conclusion of money laundering and terrorist financing proceedings.
The final evaluation report for the country will be published later, when the "quality and consistency review" is completed, he said.
The Paris-based body leads global action to tackle money laundering, terrorism and proliferation financing. The latest decisions were made public during the FATF Plenary held here between June 26 and 28.
The Indian side was represented by Additional Secretary, Union Finance Ministry and Director-in-charge of Financial Intelligence Unit (FIU), Vivek Aggarwal.
In New Delhi, the Union Finance Ministry issued a statement saying that the FATF's positive assessment of India was an important milestone in the country's efforts to combat money laundering and terrorist financing.
India's performance in the FATF mutual evaluation demonstrates the overall stability and integrity of the financial system, the ministry said.
India's mutual evaluation on FATF guidelines, a measure that verifies a country's effectiveness in making effective laws, policies and their implementation to control financial crimes, was last conducted in 2010.
A FATF peer review of India was completed earlier this year after the team undertook an "on-site" or physical visit to New Delhi and met officials from several intelligence and investigative agencies.
In its brief concluding statement after its plenary meeting here, the global body said India's legal regime in these two areas was achieving good results.
However, he said the country needs to address delays related to the conclusion of money laundering and terrorist financing proceedings.
The final evaluation report for the country will be published later, when the "quality and consistency review" is completed, he said.
The Paris-based body leads global action to tackle money laundering, terrorism and proliferation financing. The latest decisions were made public during the FATF Plenary held here between June 26 and 28.
The Indian side was represented by Additional Secretary, Union Finance Ministry and Director-in-charge of Financial Intelligence Unit (FIU), Vivek Aggarwal.
In New Delhi, the Union Finance Ministry issued a statement saying that the FATF's positive assessment of India was an important milestone in the country's efforts to combat money laundering and terrorist financing.
India's performance in the FATF mutual evaluation demonstrates the overall stability and integrity of the financial system, the ministry said.
India's mutual evaluation on FATF guidelines, a measure that verifies a country's effectiveness in making effective laws, policies and their implementation to control financial crimes, was last conducted in 2010.
A FATF peer review of India was completed earlier this year after the team undertook an "on-site" or physical visit to New Delhi and met officials from several intelligence and investigative agencies.
