India's Financial Integrity: FATF Evaluation Applauds Progress

The Financial Action Task Force (FATF) recently praised India's anti-money laundering and counter-terrorism financing efforts, describing them as a significant milestone. Despite achieving high levels of compliance, the FATF flagged areas for improvement, including delays in prosecution processes. India's regime was positively evaluated, boosting its financial system's integrity.

The Financial Action Task Force (FATF) highlighted India's significant strides in combating money laundering and terrorism financing during its latest assessment. The watchdog's evaluation, which took place in a three-day plenary, acknowledged India's robust legal framework and technical compliance with FATF standards.

While India's achievements were lauded, the FATF underscored the need for the country to address prosecution delays in money laundering and terrorist financing cases. India was placed in the 'regular follow up' category, sharing this distinction with only four other G20 nations. This status requires India to submit a progress report every five years, as opposed to annually.

Representatives from India's finance ministry, including additional secretary Vivek Aggarwal, expressed optimism, labeling the evaluation a milestone for the nation. They emphasized that improved ratings would enhance global financial market access and bolster investor confidence, contributing to overall economic stability.

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