Financial Action Task Force

FATF changes grey listing criteria to focus on nations posing greater risk

The global anti-money laundering watchdog noted that the impact of illicit financial flows is felt most strongly by the least developed nations

India's gems, jewellery sector vulnerable to money laundering: FATF

The ease with which the trade of precious metals and stones can be used to move "large amounts" of funds without leaving an ownership trail shows this sector in India is vulnerable to be used as a tool for money laundering and terrorist financing, the Financial Action Task Force (FATF) has said. The Paris-headquartered global body said in its mutual evaluation report for India released on Thursday that the money laundering (ML) risks associated with the "smuggling and dealing" in precious metals and stones should be "further developed" given the size of this sector in the country. The report said there were approximately 1,75,000 DPMS (dealers of precious metals and stones) in the country but its apex body-- Gems and Jewellery Export Promotion Council (GJEPC) only had 9,500 members. Certificate of being a GJEPC member along with tax registration is mandatory for undertaking import or export of gems trade in India. Currently, there are "shortcomings" in risk understanding, particula

India should establish clear obligations for domestic PEPs: FATF

Global body says non-profit sector requires protection from terror

ED gets max tip offs for money laundering from media, social sites: FATF

Open source inputs like media reports, social media comments, tip offs and complaints form the bulk of information that leads the ED to identify potential money laundering cases, the FATF said on Thursday in its latest mutual evaluation report for India. The Financial Action Task Force (FATF), which steers the combat against money laundering and terrorist financing crimes, also lauded India's systems and regime created for this battle as it asked the country to bring about "major improvements" to strengthen prosecution in such cases. "The largest number of money laundering investigations are identified by ED (Enforcement Directorate) from open sources; from the general public, media reporting and information from social networks followed by verification of the information via the CCTNS (crime and criminal tracking network and systems) database and money laundering reports by LEAs (law enforcement agencies)," the report said. The FATF said the ED uses "seven avenues" to identify ...

Govt pitches for more disclosures on cross-border payments with FATF

India is pitching for greater disclosures by fintech firms, credit card companies and payment aggregators (PAs) at the Financial Action Task Force whereby the sender and recipient in a cross-border financial transaction can be identified and shared with law enforcement agencies as and when sought. Currently, the Travel Rules of Financial Action Task Force (FATF) under which data relating to name of sender and recipient and the country of origin is recorded in any cross-border financial transactions. The policy development group (PDG) of the FATF is now deliberating on whether the required information is clearly available to law enforcement agencies or does the information gets masked in any form. Masking of information leads to delay in information sharing by financial institutions involved in cross-border transactions with law enforcement agencies. "The debate is whether the standards need to be tweaked further so that information can be clearly provided in case of cross-border wir

Crime watchdog FATF to release mutual evaluation report of India on Sep 19

Global crime watchdog FATF will highlight the steps taken by India to counter terror financing and money laundering, and flag priority action areas in the 'mutual evaluation report' to be released on September 19, official sources said on Tuesday. The Financial Action Task Force (FATF) had in June adopted the mutual evaluation report on India and placed the country in the "regular follow-up" category -- the highest rating given by the global watchdog and a distinction shared by only four other G20 countries. Countries rated under the 'regular follow-up category' are required to submit a follow-up report to the FATF once in three years on a voluntary basis. Out of 40 parameters looked into by the FATF, India received the highest rating in 37 parameters, official sources said. "Priority action points will be given by the FATF in the September 19 report," sources said, adding that on most of the parameters, India would be getting a positive rating in the report, while there would be f

FATF calls on India to boost scrutiny of politicians' bank accounts

The recommendation is part of a FATF review of India's anti-money laundering systems that began in 2023

High level of technical compliance, but follow-up needed: FATF on India

Finmin says it demonstrates the overall stability and integrity of the financial system

UAE removed from global watchdog's dirty money list in quick turnaround

The decision could lead to smoother foreign currency transactions, lower inter-bank fees, and increased trade and investment, according to Moody's Analytics Industry Practice Lead Mohamed Daoud

Huge impact of CAs on businesses can save the world: Julia Penny of ICAEW

In a Q&A, the head of the apex body of chartered accountants in the UK discusses the challenge of sustainability and other issues her tribe faces across the globe

Why FATF removing Pakistan from 'grey list' has miffed India so much

FATF started out with 16 developed countries as members and added 12 by 1992. It has since expanded to the current list of 39 members

FATF called for enhanced due diligence on Myanmar following blacklist: RBI

Earlier in February 2020, Democratic People's Republic of Korea (DPRK) and Iran was put on blacklist by the anti-terror financing and anti-money laundering watchdog

S Africa moves laws to avoid being grey-listed by financing watchdog

The South African government has introduced some urgent changes to its laws to avoid the country being grey-listed by the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog. As a policy-making body, the Paris-based 200-member FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas. The Minister of Finance has tabled General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill in Parliament, which will now follow the process of public comments, convening hearings, making amendments and passing the Bill. A statement released by the Treasury said that this demonstrated the commitment of the South African government to Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) and addressing the deficiencies identified by FATF's Mutual Evaluation Report (MER) of South Africa, which was published in October 2021. When enacted into law, it

What is PMLA Act? Money laundering, law statement and objectives

What is the Prevention of Money Laundering act and how does it affect a nation? Read this article to understand money laundering, the PMLA act, objectives of the PMLA act, FATF and everything

Singapore's T Raja Kumar appointed president of Financial Action Task Force

T. Raja Kumar of Singapore has been appointed as the president of Financial Action Task Force (FATF), the anti-money laundering watchdog

Canara Robeco MF halts inflows from UAE investors after nation's scrutiny

This was done after FATF added UAE to the Grey List

Decoded: Why the next FATF review is critical for India

The evaluation of India by the Financial Action Task Force (FATF) could start by the end of the year

Frontier of warfare? Wrong to securitise civil society discourse

Creating suspicion about civil society undermines its robustness and contribution to nation building

Mauritius closer to exiting grey list as FATF sees progress on action plan

Inter-governmental body has now authorised its delegates to visit the island nation for an on-site inspection of the progress made

FATF to evaluate India's mechanism to deal with financial crimes this year

The FATF, the global body against money laundering and terror financing, is likely to carry out an evaluation of India's established mechanism to deal with such financial crimes later this year.