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25 March 2021

Due to raising covid-19 concern in the world and India being a prominent figure in the fight against coronavirus, FAFT review has been pushed to January-February next year.

 

The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society.


“The Financial Action Task Force(FAFT) made a public declaration and the review of anti-corruption measures investigation done by global experts in this year’s September-October is now being pushed to next year’s January-February,” said David Lewis, FAFT secretary.

 

FAFT emphasis the fact that India had made several crucial improvements against anti-money laundering and corruption by introducing anti-money laundering law, criminal tax evasion probes, and strengthening the CFT (combating the financing of terrorism) regime by the financial intelligence unit (FIU) and other agencies. Some of the prominent agencies including CBI, ED, Income Tax Department, Directorate of Revenue Intelligence, Financial Intelligence Unit (FIU), Customs, market regulator SEBI, banking regulator RBI and insurance regulator IRDAI is a part of a year-long review of Indian PEPs and RCAs and other prominent figures that might involve in any such crime.

 

The new compliance regime including the counterfeit transaction will also be a part of the presentation, said David Lewis and the FAFT team will generate a report based on the facts adhered to the investigation soon after it completes. 

 

Source - NDTV India

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