India will present a dossier to FATF citing Pakistan's failure to curb terror financing and misuse of funds, pressing for its reclassification under the grey list
India will make a strong case with FATF to revert Pakistan to its "grey list" for failure to comply with anti-money laundering and terror financing rules, a government source said.
Nepal has two years to address these deficiencies and remove itself from the grey list; otherwise, it will face more international transaction hurdles and sanctions
Companies invited for tomorrow's meet include Dream11, Baazi Games, Zupee, WinZO, and others
India has assured support to Iran on sharing technical knowledge and expert advice through the EAG, he said.
The global anti-money laundering watchdog noted that the impact of illicit financial flows is felt most strongly by the least developed nations
If the FATF includes the sector within the AML/CFT framework, gaming platforms would need to adhere to KYC norms and report suspicious transactions, including identifying their beneficial owners
The report said there were approximately 1,75,000 DPMS (dealers of precious metals and stones) in the country
As regards the abuse of NPOs for terror financing, Agarwal said the scope for NPOs being misused is very less in India because there is a cap on cash donations
Global body says non-profit sector requires protection from terror
A team of FATF experts drawn from agencies belonging to Russia, UAE, USA, Brazil, United Kingdom, South Africa and Japan conducted the 'on-site' review as they were in India between Nov 6-24, 2023
The report said India implemented such an anti-money laundering (AML) and combating financing of terror (CFT) system that was effective in many respects
At present, under the Travel Rules of FATF, data relating to the name of the sender, recipient, and the country of origin is recorded in any cross-border financial transactions
Currently, the Travel Rules of Financial Action Task Force under which data relating to name of sender and recipient and the country of origin is recorded in any cross-border financial transactions
Financial Action Task Force had in June adopted the mutual evaluation report on India and placed the country in the "regular follow-up" category -- the highest rating given by the global watchdog
Raast is Pakistan's first instant payment system, which operates similarly to India's flagship project: Unified Payments Interface (UPI)
The recommendation is part of a FATF review of India's anti-money laundering systems that began in 2023
The new threshold for due diligence checks was among the measures laid out in Singapore's updated National Strategy for Countering the Financing of Terrorism
Finmin says it demonstrates the overall stability and integrity of the financial system
The global crime watchdog, FATF on Friday adopted mutual evaluation report on India and placed the country in "regular follow-up" category