- India has been put in the ‘regular follow-up category’ by the global anti-money laundering body, the Financial Action Task Force (FATF).
- This decision was taken at the plenary meeting of the FATF held in Singapore from 26-28 June 2024.
- The meeting discussed issues relating to money laundering, terrorism financing, and proliferation financing.
- It also reviewed the performance of 17 countries on their compliance and action on the FATF mandated actions on anti-money laundering issues, anti-terrorism financing, and anti-proliferation financing.
India among five countries to be kept in regular follow-up category
- During the Singapore meeting, the FATF reviewed India’s performance in implementing the provisions regarding anti-money laundering, anti-terrorism financing and anti-proliferation financing.
- India, along with Russia, France, Italy, and the United Kingdom, was kept in the ‘regular follow-up’ category. One country was put on the grey list, and the remaining countries were kept in the’ enhanced follow-up’ category.
- The FATF appreciated India’s effort in combating anti-money laundering and anti-terrorist financing but said that India needs to take measures to tackle delays in concluding prosecution in cases of money laundering and terror financing.