What measures has the Centre taken to implement recommendations of FATF
Ahead of FATF review, Centre takes multiple measures to implement recommendations
The Centre has undertaken multiple measures to implement the recommendations of the Financial Action Task Force (FATF) ahead of its review. These measures include:
- Strengthening of the legal framework: The Centre has amended various laws, such as the Prevention of Money Laundering Act (PMLA) and the Companies Act, to enhance the legal framework for combating money laundering and terrorist financing.
- Improving regulatory oversight: The Centre has strengthened the regulatory oversight on various sectors, including banking, non-banking financial institutions, and cryptocurrency exchanges, to ensure compliance with anti-money laundering and counter-terrorist financing measures.
- Enhancing international cooperation: The Centre has stepped up efforts to enhance international cooperation in the areas of information sharing, coordination, and capacity building to effectively combat money laundering and terrorist financing.
- Intensifying risk assessment: The Centre has conducted comprehensive risk assessments to identify and mitigate the vulnerabilities in the financial system that might be exploited for money laundering or terrorist financing purposes.
- Creating specialized investigation units: The Centre has established specialized investigation units, such as the Financial Intelligence Unit (FIU), to effectively investigate and prosecute money laundering and terrorist financing cases.
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a year ago