How is India praised by the FATF in terms of anti-money laundering and terror financing systems
The terror funding watchdog FATF has praised India's anti-money laundering and terror financing system. Elaborate on the commendable aspects of India's financial security measures.
- India has a robust legal framework for combating money laundering and terror financing, with stringent laws such as the Prevention of Money Laundering Act (PMLA) and the Unlawful Activities (Prevention) Act.
- The Financial Intelligence Unit-India (FIU-IND) plays a key role in analyzing financial transactions and disseminating intelligence to law enforcement agencies to combat illicit activities.
- India has improved its coordination among various stakeholders, including financial institutions, regulatory authorities, and law enforcement agencies, to strengthen the overall anti-money laundering and counter-terror financing regime.
- The country has also taken steps to enhance its international cooperation and engagement to combat transnational financial crimes effectively.
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7 months ago