September 20, 2024, 03:30 PM - 2 min read
The Financial Action Task Force (FATF) has warned that India's trade in precious metals and stones is vulnerable to money laundering and terrorist financing due to its ability to facilitate large fund transfers without ownership trails. The FATF's report calls for a deeper analysis of these risks in this significant sector, which constitutes about 7% of the GDP.
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September 19, 2024, 09:13 PM - 4 min read
India's efforts to combat illicit finance have been acknowledged by the Financial Action Task Force (FATF), but the global watchdog has also issued a stern warning regarding serious threats related to terrorism and terrorist financing. In its latest assessment, FATF praised India's progress but emphasised that the country must continue improving its systems to address these threats effectively.
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September 19, 2024, 06:12 PM - 3 min read
The 368-page report was released after the assessment was adopted by the Paris-headquartered body at its June plenary meeting. However it said "major improvements" were required to strengthen prosecution in such cases.
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