FATF likely to carry out evaluation of India’s mechanism to deal with financial crimes this year

By ET News

The FATF, the global body against money laundering and terror financing, is likely to carry out an evaluation of India’s established mechanism to deal with such financial crimes later this year. The mutual evaluation of country specific anti-money laundering and terror-financing mechanism by the Financial Action Task Force (FATF) is a routine ongoing process and is being conducted on all member countries of the global body on a rotational basis.

The routine process of evaluation of India’s established mechanism against financial crimes by the FATF is likely to be carried out later this year, a government official privy to the matter said.

The Centre has also written to Jammu and Kashmir and Punjab to nominate one IGP-rank officer each, and Gujarat has been asked to nominate a DIG-rank officer to prepare the ground work for the proposed evaluation of the country’s anti-money laundering regime and legal measures to check financial crimes.

The selected officers, belonging to the Indian Police Service (IPS), should have expertise on the subject.

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