FATF clears India during mutual evaluation; no red flags.

The decision comes after a year-long process, during which FATF team visited Delhi for an on-site evaluation of the country’s measures and met senior officials.The Financial Action Task Force (FATF) on Friday concluded India had a “high level of technical compliance” with its standards to counter money laundering and terror financing and said New Delhi’s mechanisms for this are “achieving good results”.The multilateral financial watchdog unveiled its conclusions at its plenary meeting in Singapore following a year-long process, during which an FATF team visited New Delhi for on-site evaluation of India’s measures and met senior officials.“The intergovernmental organisation, which sets international anti-money laundering standards and counter-terrorist financing measures, has not found any red flags in India’s processes,” said an officer who didn’t want to be named.The FATF discussed and adopted “mutual evaluation report” of India, which assessed the effectiveness of the country’s measures to combat money laundering, terrorist financing and proliferation financing, and their compliance with the watchdog’s recommendations.“The Plenary concluded that India has reached a high level of technical compliance with the FATF requirements and its AML/CFT/CPF [anti-money laundering/ countering the financing of terrorism/ counter proliferation financing] regime is achieving good results, including in its ML [money laundering] and TF [terrorist financing] risk understanding, international cooperation, access to basic and beneficial ownership information, use of financial intelligence, and depriving criminals of their assets and counter-proliferation financing measures,” the watchdog said in a statement.The FATF, however, said “improvements are needed to strengthen the supervision and implementation of preventive measures in some of the nonfinancial sectors”.