India becomes 5th G20 country to be placed in FATF's ‘regular follow-up’ category

India becomes 5th G20 country to be placed in FATF's ‘regular follow-up’ category

The Financial Action Task Force (FATF) Plenary on June 28 adopted the mutual evaluation report of India's anti-money laundering and countering the financing of terrorism regime during its plenary meeting held in Singapore between June 26 and June 28.

India's legal regime in these two domains was achieving good results, the global body said in a brief outcome statement.

However, it said the country needs to address the delays in concluding money laundering and terrorist financing prosecutions.

The final evaluation report for the country will be published later when the "quality and consistency review" is completed, it said.

The Paris-headquartered body leads global action to tackle money laundering, terrorist and proliferation financing.

India's mutual evaluation on FATF guidelines, a measure that checks a country's efficacy to make effective laws and policy and implement them to check financial crimes, was last done in 2010.

An FATF peer review of India ended early this year after the team made an 'on-site' or a physical visit to New Delhi and met officials from various intelligence and investigative agencies.

With inputs from PTI