As has been pointed out India’s performance on the FATF Mutual Evaluation holds significant advantages for the country’s growing economy, writes former Chairman, Central Board of Indirect Taxes & Customs, Najib Shah.
There is considerable anticipation surrounding the upcoming publication of India’s Mutual Evaluation Report (MER) by the Financial Action Task Force (FATF). It has been a long journey for India-from being accorded observer status in FATF in 2006 to becoming a full-fledged member in 2010 to now being placed in the ‘regular follow up’ category by the global money laundering( ML) and terrorist financing watchdog.This is a distinction as the PIB press note points out which is shared by only four other G20 countries.
FATF which was set up in 1989 is a 40 member body which sets the global standards for national authorities to adhere to in the fight against illicit funds generated through drug trafficking, illicit arms trade, cyber fraud and other serious crimes. The body has in this regard put in place 40 recommendations.
