new Delhi. The Financial Action Task Force (FATF) has postponed the proposed review of legal provisions for anti-money laundering and prevention of financial crimes in India in the wake of the Corona virus epidemic until next year. Officials said experts from the FATF were to conduct an on-the-spot review in September-October in this regard, but the Secretariat of the Paris-based global body has told India that the review is being postponed to January-February next year. The FATF globally monitors cases of money laundering and terrorist financing prevention. The organization sets international standards to prevent illegal activities in the economic and financial mediums in the countries of the world, as well as its internally connected sources around the world.
The FATF conducts an in-depth review and analysis of each country's system to prevent criminal misuse of the financial system. India's money laundering and terrorist financing system was to be reviewed after 10 years under a regular process. A senior official of the anti-money laundering agency said that the last such review was done in June 2010. A senior official of the Union Finance Ministry said that all preparations for FATF review were almost complete, however, the Kovid-19 outbreak began after that. "We have been told by the FATF that it has postponed the review program for several countries, including India, due to the corona virus epidemic," he said. The new dates are expected early next year. "The FATF has also made a public announcement in this regard.
This post was published on July 26, 2020 8:43 pm
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