All posts tagged: fatf

India’s Vivek Aggarwal appointed FATF vice president, a first for the country

India’s Vivek Aggarwal appointed FATF vice president, a first for the country

Published by Parlour News

India was on Friday accorded the vice presidency of the Financial Action Task Force (FATF), the global body that sets standards for combating money laundering and terrorist financing, for the first time. New Delhi has been a member of the influential international body since 2010. Vivek Aggarwal is a 1994-batch IAS officer of the Madhya Pradesh cadre and has served as the head of the Indian delegation to the FATF and as the director of the Financial Intelligence Unit (FIU). (X/PIB) Union Culture Secretary Vivek Aggarwal was appointed the FATF vice president at the conclusion of the plenary meeting held at the outfit’s headquarters in Paris, an official statement said. He will succeed UK national Giles Thomson, who has been holding the post since July 1, 2025. “Members approved the Priorities of the FATF under the incoming UK Presidency, and appointed Mr Vivek Aggarwal of India as the incoming Vice-President of the FATF (July 2026-June 2027),” the FATF said in a statement. The vice president of the FATF is elected by the FATF Plenary from …

FATF lauds ED’s efforts in seizing assets in financial crimes, India’s FEO Act

FATF lauds ED’s efforts in seizing assets in financial crimes, India’s FEO Act

Published by Parlour News

The Financial Action Task Force (FATF) on Wednesday released a report on asset recovery in criminal cases, lauding India’s efforts to seize and restitute the proceeds of crime to the victims, and implementing a law on confiscating properties of the fugitives. The FATF cited Indian practices related to coordination among law enforcement, financial intelligence, and tax authorities. (X) The global watchdog for money laundering and terror financing cited the Enforcement Directorate (ED) swift action in cases, ranging from cryptocurrency-related frauds to cyber crimes, ponzi schemes, and dealing with fugitives. Quoting the 340-page report on “Asset Recovery Guidance and Best Practices” of Paris headquartered FATF, the ED said in a statement on Wednesday, “The report outlines practical measures for policy makers and practitioners to identify, trace, freeze, manage, confiscate and return assets derived from criminal activity…” The ED said the guidance serves as a benchmark for countries to enhance their national frameworks and align with emerging best practices. The report highlights ED’s money laundering investigations to secure assets defrauded in financial crimes. The report, seen by …

Pakistan must be included in FATF grey list again: Owaisi during Indian diaspora meet in Kuwait

Pakistan must be included in FATF grey list again: Owaisi during Indian diaspora meet in Kuwait

Published by Webster

India’s all-party delegation in Kuwait calls for Pakistan’s re-entry into the FATF grey list, citing its continued support for terrorism and financial complicity. New Delhi: In a significant diplomatic outreach, India’s all-party parliamentary delegation, currently touring the Gulf region, has urged global powers to support Pakistan’s re-inclusion in the Financial Action Task Force (FATF) grey list for its continued support to terrorism and terror financing networks. Speaking during an interaction with the Indian diaspora in Kuwait, AIMIM chief and Lok Sabha MP Asaduddin Owaisi delivered a scathing critique of Pakistan’s alleged duplicity in combating terrorism. Owaisi, who is part of the multi-party delegation led by BJP MP Baijayant Panda, emphasised the need for enhanced international scrutiny of Pakistan’s actions. “We hope that Pakistan would be brought back into the FATF grey list, and this is very important,” said Owaisi. “Otherwise, Pakistan is not stopping the recruitment of terrorists. Its financial networks, including hawala and money laundering operations, continue to fund terror activities against India.” Owaisi also highlighted Pakistan’s shifting stance on …

India to push FATF to re-include Pakistan in its ‘grey list’

India to push FATF to re-include Pakistan in its ‘grey list’

Published by Parlour News

The logo of the FATF is seen during a news conference after a plenary session. File | Photo Credit: Reuters India will send a dossier to the Financial Action Task Force (FATF) before its plenary meeting in June to push for the re-inclusion of Pakistan in its ‘grey list’ of countries that are subject to increased scrutiny, The Hindu has learnt. The government will also oppose further World Bank funding to Pakistan. Also Read | India to apprise FATF of the latest evidence on terror infrastructure in Pakistan Pakistan was included in the grey list in 2018 and removed in 2022. “India will send a dossier to the FATF about including Pakistan in the terror grey list again,” a government official said. “In 2022, Pakistan was removed from the list and one of the conditions was that it would enact an anti-terror law. That law hasn’t come, so the FATF itself has enough reason to put Pakistan back on the list. India’s dossier will add to this.” Also Read | Pakistan has made significant progress …

India likely to move World Bank to tighten screws on Pak’s economy, may approach FATF for its grey-listing

India likely to move World Bank to tighten screws on Pak’s economy, may approach FATF for its grey-listing

Published by Webster

India feels that Pakistan has failed to act on terror emanating from its territory and has been diverting funds from multilateral agencies to buy arms and ammunition. New Delhi: After having taken punitive actions by launching strikes against Pakistan-based terror infrastructure as well as its military installations in the wake of Pahalgam terror attack, India is set to tighten screws on Islamabad’s economy as it is set to approach the World Bank as well as the terror financing watchdog, the Financial Action Task Force (FATF). New Delhi’s prospective move is targeted at asking the World Bank to reconsider its expected approval of a USD 20 billion package to Pakistan in June. India is also likely to push the FATF to add Pakistan to its grey list, according to reports. It will potentially increase scrutiny on Pakistan’s financial transactions, ultimately restricting Islamabad’s capital inflows as well as investments.  A government source said that India will make a strong case with FATF to revert Pakistan to its “grey list” for failure to comply with anti-money laundering and …

FATF Says India’s Gems, Jewellery Sector Vulnerable To Money Laundering, Terrorist Financing

Published by Webster

Last Updated: September 20, 2024, 23:25 IST India is currently the world’s second largest consumer of gold, the largest importer, and the largest exporter of gold jewellery. (Representational image via AP) The global body recommended that India should include “deeper” qualitative and quantitative data and typologies from domestic and international sources on the money laundering risks The ease with which the trade of precious metals and stones can be used to move “large amounts” of funds without leaving an ownership trail shows this sector in India is vulnerable to be used as a tool for money laundering and terrorist financing, the Financial Action Task Force (FATF) has said. The Paris-headquartered global body said in its mutual evaluation report for India released on Thursday that the money laundering (ML) risks associated with the “smuggling and dealing” in precious metals and stones should be “further developed” given the size of this sector in the country. The report said there were approximately 1,75,000 DPMS (dealers of precious metals and stones) in the country but its apex body– Gems …

Anti-Terror Watchdog Praises India, Says Faces Serious Threat From…

Published by Webster

India’s key money laundering risks, the report says, originate from illegal activities within the country Terror financing watchdog Financial Action Task Force (FATF) has said India has achieved a high level of technical compliance with its recommendations and taken significant steps to implement measures to tackle illicit finance. In a report released on Thursday, the watchdog has also, however, said the country needs to improve its system as the economy continues to grow, pointing to a need for faster trials for money laundering and terrorist financing.  India has been placed in the regular follow-up category, a distinction it shares with only four other G20 countries.  The mutual evaluation report says a joint FATF-APG (Asia/Pacific Group on Money Laundering)-EAG (Eurasian group on combating money laundering and financing of terrorism)  assessment of India’s measures to tackle illicit finance has concluded that India has implemented an anti-money laundering and counter-terrorist financing (AML/CFT) framework which is achieving good results. The areas in which these results have been seen include risk understanding, access to beneficial ownership information and depriving criminals …

FATF Upset, Worried About Nations Being Slow in Regulating Crypto: Details

Published by Webster

The Financial Action Task Force (FATF) has expressed concerns that not many nations have implemented the rules it had laid down to regulate the virtual digital assets sector. In a report issued by the FATF, the delay in deploying and adoption of these crypto-related rules is leaving room for criminal activities to take shape. The organisation has analysed 12 months of data to prepare a list of nations, detailing the rules adopted by each nation. “In February 2023, the FATF Plenary agreed on a roadmap to strengthen implementation of the FATF Standards on virtual assets and virtual asset service providers (VASPs). Many countries have yet to fully implement the FATF’s requirements on virtual assets and virtual asset service providers to prevent their misuse for illicit finance,” the organisation said in an official post. The Paris-based global financial watchdog has been trying to resolve issues tied to the misuse of crypto assets by criminals for money laundering or terror financing. Back in November 2022, the FATF had unofficially mandated countries to abide by its anti-money laundering …