The Financial Task Force has issued its report and warned India about various terrorist organizations. Releasing its report, FATF said that India has to constantly face various terrorist threats. Extremist organizations associated with ISIL or Al Qaeda active in and around Jammu and Kashmir are constantly trying to attack India. Apart from this, regional rebels and other anti-India organizations of India’s Northeast and North constantly conspire against the government. India has adopted 40 parameters given by FATF to deal with all this. To take this campaign against terrorism forward, India needs to move forward all these parameters with more speed in three areas (non-profit organizations, politically exposed persons, and designated non-financial businesses).
India praised for its work against terror
The Financial Action Task Force (FATF) has praised India’s work in anti-terrorism activities. FATF said that India has properly followed our recommendations and has developed several high-level measures to stop terror financing. In its report, the agency said that India is constantly facing the threat of terrorism but India has worked to stop their financing. Let us tell you that this Financial Action Task Force constantly keeps countries like Pakistan in the grey list for their terrorism-related activities, due to which they face problems in taking loans from the IMF and the World Bank.
India has worked but still needs improvement: FATF
FATF said in its report that India is the world’s fastest growing economy but at the same time it is also a low-income country, due to which threats like money laundering are very high here. Although India is dealing with fraud and forgery related money laundering cases properly. But there is a need for some more improvements. The agency said in its report that constitutional limitations are faced in money laundering cases in India and the cases go on for years in Indian courts.
The agency said that the ED has seized assets worth about ten billion dollars in the last five years, but after the resolution of the case and conviction in the court, the amount is less than 5 million dollars. It is of utmost importance that India takes care of these issues as it weakens our fight against terror financing.
Following a review of India’s counter-terror financing efforts and a visit to India last November, the FTF has placed India in the Regular Follow-up category. Apart from India, only three other countries (the United Kingdom, France and Italy) are in this category.
What is FATF
Financial Action Task Force is an organization that monitors terrorist financing worldwide, its headquarters is in Paris, the capital of France. It was formed in 1989. It is a standard organization that prevents financial crimes. World Bank and United Nations and many organizations have observer status in it. Apart from this, it makes its member countries and all countries follow its own rules. It has 36 countries and two organizations as members. Most of the countries are part of it through 9 associate member groups.
