The long-awaited mutual assessment through the International Financial Action Task Force (IFF) of India’s anti-money laundering regime and legal measures to determine monetary crimes, scheduled for this year, was postponed early next year due to the coronavirus pandemic, Array said.
They said the on-site review will be conducted through experts from the global framework scheduled to begin in September-October, however, the FATF secretariat in Paris informed India that the review was tentatively postponed until January-February next year.
The FATF is a global oversight framework for cash laundering and terrorist financing that sets foreign criteria to prevent illegal activities in a country’s economic and monetary channels and its interconnected links around the world.
It conducts “peer reviews of members on an ongoing basis to assess the degrees of implementation of FAT recommendations and provides an in-depth description and investigation of the country’s formula for preventing criminal abuses of the monetary formula.”
The review of India’s anti-money laundering and terrorism financing regime scheduled for this year as a component of a normal ten-year review cycle. The last such review was conducted in June 2010, a senior official at an anti-money laundering agency said.
The FATF, after the review, said in 2013 that “India has made significant progress in resolving known deficiencies in its mutual assessment report and (the FATF) deserves to be removed from the normal follow-up process.”
India has established a joint organization comprising 22 central research, intelligence gathering and regulatory agencies to create and count FATF experts from other countries this time.
Some of the leading agencies in this organization overseen through the Revenue Department of the Ministry of Finance come with the CBI, ED, the Department of Income Taxes, the Directorate of Tax Intelligence, the Financial Intelligence Unit (FRC), Customs, the market regulator. SEBI, the RBI banking regulator and the IRDAI insurance regulator.
The EU had also commissioned Rahul Navin, a 1993 Indian tax management officer from the Department of Income Tax, to work as a Special Service Officer (DSB) with the Directorate of Execution (ED) to advance these processes.
Navin is the author of an e-book entitled “Exchange of Tax Information and Transparency: Addressing Global Tax Evasion and Evasion,” has worked in the foreign tax branch of the tax branch, and has worked hard with the OECD, another renowned global economic body.
The ED is the nodal company that conducts investigations of the Country’s Money Loss Prevention Act (PMLA).
A senior EU Finance Ministry official said all arrangements to inform the FATF Review Group were close to the final touch when the COVID-19 outbreak occurred.
“We have been informed through the FATF that it has postponed the mutual evaluation of many jurisdictions scheduled for this year, India,s due to existing COVID-19 restrictions. The new dates are expected to be early next year,” the official told the ITP.
The FATF also made public in this context.
The seriousness of the COVID-19-related scenario in the world and the resulting similar COVID-19 measures involved in countries, such as containment and restrictions, prevent evaluated jurisdictions and evaluators from conducting on-site visits and in-person This scenario has particularly affected countries’ ability to actively participate in mutual assessment and similar follow-up processes. “
“The FATF Plenary agreed to temporarily postpone all mutual evidence of the FATF and follow-up deadlines,” the FATF said.
He said the era imaginable on the Indian flat was “to be shown (to be taken into account).”
During the scale of FATF evaluators, the head of the Ministry of Finance said that India is ready to provide records of its movements under the Anti-Money Laundering Act, fraudulent tax evasion investigations and the strengthening of the CFT (counter-terrorism financing) regime. Financial Intelligence Unit (FRC) and other agencies.
La promulgación de la Ley de Delincuentes Económicos Fugitivos en 2018 la ley anti-efectivo negro de 2015, las enmiendas a la PMLA a lo largo de los años, la reducción de la evasión fiscal bajo impuestos indirectos mediante la introducción del GST (impuesto sobre bienes e instalaciones), nuevos protocolos para mayores transacciones sospechosas en bancos e intermediarios monetarios y la des-detización en 2016 de dos monedas principales son componentes de la presentación india , said another official from an investigative agency.
The increased number of domestic and foreign seizures of assets under PMLA and fee sheets submitted through investigative agencies under the criminal sections of the Financial Crimes and Terrorism Financing Act are also part of India’s submission to the FATF review team, he said.
The new compliance regime put in place through the FRC will also be presented for banks and other monetary establishments to report suspicious money and falsified transactions, he said.
The review takes about a year and if all deadlines are met, the FATF will talk about India’s legal formula opposed to monetary crimes in its plenary assembly in February 2022 and then factor and make recommendations about the country, the official said.
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