In a big push for India towards its economic growth journey, the Mutual Evaluation conducted during 2023-24 by Financial Action Task Force (FATF) has placed the country in the ‘regular follow-up’ category, a distinction shared by only four other G20 countries.
This marks a significant milestone in the nation’s efforts to combat money laundering and terrorist financing.
While speaking on the development, the Ministry of Finance said India’s performance on the FATF Mutual Evaluation accrues significant advantages to our growing economy, as it demonstrates the overall stability and integrity of the financial system.
“Good ratings will lead to better access to global financial markets and institutions and increase investor confidence. It will also help in the global expansion of the Unified Payments Interface (UPI), India’s fast payment system,” it added.
FATF hails transition to digital economy
These measures have made transactions more traceable, thereby mitigating money laundering and terrorist financing risks and enhancing financial inclusion.
It also recognised the efforts made by India on mitigating the risks arising from money laundering and terrorist financing, including the laundering of proceeds from corruption, fraud, and organised crime.
