19 Jul 2021
An evaluation by global organisation Financial Action Task Force (FATF) to analyse the effectiveness of India’s anti-money laundering and countering terrorist financing regime has been postponed for the second time in view of the ongoing COVID-19 pandemic and is now slated to be initiated next year, officials said.
The scheduled assessment for the country by the Paris-headquartered watchdog was originally slated for September-October, 2020.
However, these dates were postponed and pushed to February this year by the FATF secretariat in view of the coronavirus outbreak that gripped the world, including India.
“The schedule for FATF mutual evaluation has again been postponed from February, 2021 and it is tentatively expected to begin in September, 2022 now,” a senior government officer told PTI.
As per this re-scheduled assessment calendar, the technical evaluation of Indian anti-money laundering, countering terrorist financing and the role of relevant legal framework and agencies enforcing these measures would begin in September next year followed by an on-site visit of FATF experts to the country in February, 2023, another official privy to the development said.
The FATF plenary that is expected to be held in October, 2023 will discuss the Indian assessment and its mutual evaluation report will be published for public consumption after 10 months from the date of the on-site visit (February 2023), he said.
The FATF is a global money laundering and terrorist financing watchdog that sets international standards to prevent economic and financial crimes in a country with inter-connected linkages across the world.
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 last such review of India’s anti-money laundering and terrorist financing regime was held in June, 2010 and it is usually taken up again after a period of 10 years.
Read more by Press Trust of India via Business Standard
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