đđđ #FATF Urges India to Strengthen Virtual Asset Regulation
India Enhances Compliance with FATF Standards
- India has made notable progress in meeting the Financial Action Task Force (FATF) standards related to illicit finance and money laundering. Following a joint assessment with the Asia-Pacific Group on Money Laundering (APG) and the Eurasian Group (EAG), FATF acknowledged India's high technical compliance but highlighted areas needing improvement, particularly in the non-financial sector and among virtual asset providers.
Key Findings:
1. India is commended for its anti-money laundering (AML) efforts and the development of its counter-terrorism financing (CFT) framework.
2. The FATF emphasized the need for quicker prosecutions of financial crimes and urged a risk-based approach to protect non-profit organizations from misuse.
3. Compliance in non-financial sectors and virtual asset service providers is still in early stages, necessitating enhanced supervision and cash restrictions, particularly in high-risk industries like precious metals.
Despite these challenges, India's financial authorities were praised for their coordination and international cooperation. India is currently in "regular follow-up" status and will report back to the FATF Plenary in three years.
Source - news.bitcoin.com
