India Earns High Praise in FATF Mutual Evaluation

India has achieved remarkable success in the Mutual Evaluation conducted by the Financial Action Task Force (FATF) for 2023-24. The Mutual Evaluation Report, adopted during the FATF plenary session in Singapore from June 26 to June 28, places India in the prestigious “regular follow-up” category, a distinction shared by only four other G-20 countries. This accomplishment highlights India’s significant progress in combating money laundering (ML) and terrorist financing (TF).

The FATF commended India for its robust measures to mitigate the risks associated with ML and TF, particularly the laundering of proceeds from corruption, fraud, and organised crime. The report also acknowledged India’s effective transition from a cash-based to a digital economy, a move aimed at reducing ML and TF risks. The government’s implementation of the JAM (Jan Dhan, Aadhaar, Mobile) Trinity and stringent cash transaction regulations have significantly increased financial inclusion and digital transactions. These efforts have made financial transactions more traceable, thereby mitigating ML and TF risks.

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