THE Financial Action Task Force (FATF) on Thursday praised India’s efforts to tackle illicit finance, however, warned the country of serious terrorism and terrorist financing threats, including those related to ISIL or Al Qaeda.
“India achieved a high-level of technical compliance across the FATF Recommendations and has taken significant steps to implement measures to tackle illicit finance. Nevertheless, India needs to continue to improve its system as its economy & financial system continue to grow,” posted FATF on X. The joint FATF-APG-EAG report commended India for its effective anti-money laundering and counter-terrorist financing (AML/CFT) measures, highlighting improvements in risk understanding and asset recovery. Indian authorities are noted for their effective use of financial intelligence and international cooperation. However, the report urged India to expedite prosecutions and sanctions against terrorist financiers, emphasizing ongoing threats from groups like ISIL and Al-Qaeda.
While India has made strides in financial inclusion and digital payment reliance, it must tackle a backlog of money laundering cases and enhance its response to risks from human trafficking and drug trafficking.
ANI
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