A group of specialists from the United Kingdom, Brazil, South Africa, France, Malaysia, and Russia will visit India on November 3 to assess the country's anti-money laundering legislation and counter-terrorism funding efforts.

 

 

 

 

 

According to Indian intelligence sources, the government is prepared and that "we have nothing to worry about because our mechanism is very strong."

 

India's principal goal under Prime Minister Narendra Modi is to destroy the parallel economy, which they claim they have accomplished with tremendous success. The FATF delegation will meet with officials from the Reserve Bank of India, the Enforcement Directorate, and the tax and finance departments to do this.

 

The FATF's assessment will go beyond India's internal measures and will include a review of the global transparency framework. According to intelligence sources, Pakistan, which was removed from the FATF's grey list in October, is actively lobbying FATF investigators to investigate India's financial processes.

The FATF maintains a detailed classification of countries. Countries on the black list are considered "high-risk jurisdictions," prompting a demand for rapid action to address money laundering and terrorism funding issues. Countries on the "Grey List", on the other hand, are subject to enhanced scrutiny. 

 

The FATF is clearly interested in India's commitment to financial integrity and its rigorous safeguards against money laundering and terrorism funding. While they remain confidence in their systems, the visit emphasizes the significance of monitoring and effort in maintaining a robust financial framework on a worldwide scale. 

 

Source: AFI