New Delhi, July 26
The much-awaited Financial Action Task Force (FATF) mutual analysis of India’s anti-money laundering regime and authorized measures framed to test monetary crimes, scheduled for this 12 months, has been postponed until early subsequent 12 months in view of the coronavirus pandemic, officers stated.
They stated the on-site evaluate to be performed by specialists of the worldwide physique was scheduled to start in September-October, however the FATF secretariat in Paris has conveyed to India that the evaluate is being tentatively pushed to January-February subsequent 12 months.
The FATF is a world cash laundering and terrorist financing watchdog that units worldwide requirements to stop unlawful actions within the financial and monetary channels of a rustic and its inter-connected linkages internationally.
It conducts “peer reviews of each member on an ongoing basis to assess levels of implementation of the FATF recommendations and provides an in-depth description and analysis of each country’s system for preventing criminal abuse of the financial system”.
The evaluate of India’s anti-money laundering and terrorist financing regime was scheduled for this 12 months as a part of an everyday evaluate cycle after 10 years. The final such evaluate was performed in June 2010, a senior officer in an anti-money laundering company stated.
The FATF, put up this evaluate, had stated in 2013 that “India had made significant progress in addressing deficiencies identified in its mutual evaluation report and the FATF decided that the country should be removed from the regular follow-up process”.
India has arrange a joint working group comprising 22 central investigation, intelligence gathering and regulatory businesses to make shows and transient the FATF specialists, drawn from numerous international locations, this time.
Some of the outstanding businesses on this grouping supervised by the Department of Revenue underneath the Finance Ministry embody the CBI, ED, Income Tax Department, Directorate of Revenue Intelligence, Financial Intelligence Unit (FIU), Customs, market regulator SEBI, banking regulator RBI and insurance coverage regulator IRDAI.
The Union Government had additionally deputed Rahul Navin, a 1993-batch Indian Revenue Service officer of the Income Tax Department, to work as an officer on particular obligation (OSD) with the Enforcement Directorate (ED) to take these processes ahead.
The ED is the nodal company to undertake investigations underneath the Prevention of Money Laundering Act (PMLA) within the nation.
A senior Union Finance Ministry official stated all preparations to transient the FATF reviewing group had been nearing completion when the Covid-19 outbreak occurred. “We have been informed by the FATF that it has postponed the mutual evaluation of many jurisdictions scheduled this year, including that of India, due to the ongoing Covid-19 restrictions. It is expected that the new dates will be for early next year,” the officer stated.— PTI
Last analysis was performed in June 2010
- The on-site evaluate was scheduled to start in September-October, however the FATF secretariat in Paris has conveyed to India that the evaluate is being pushed to January-February 2021
- The FATF is a world cash laundering and terrorist financing watchdog that units worldwide requirements to stop unlawful actions in financial and monetary channels of a rustic
- The evaluate was scheduled for this 12 months as a part of an everyday evaluate cycle after 10 years. The final such evaluate was performed in June 2010