India: Report on Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
IMF Staff Country Reports, January 24, 2011
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- India: Report on Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
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Bibliographic details
- Published: January 24, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455213849.002
Summary and identified risks
- India faces a range of money laundering and terrorist financing risks.
- India continues to be a target for terrorist groups and has been the victim of numerous attacks.
- Based on a threat assessment, major sources for terrorist financing (FT) were identified as:
- funds/resources from organizations outside India
- counterfeiting of currency
- criminal activities
Key findings
- Technical shortcomings were identified in the criminalization of money laundering.
- Technical shortcomings were identified in the criminalization of terrorist financing.
- Weaknesses were found in the domestic framework of confiscation and provisional measures.
Policy recommendations
- Address the technical shortcomings in the criminalization of money laundering.
- Address the technical shortcomings in the criminalization of terrorist financing.
- Strengthen the domestic framework of confiscation and provisional measures.
Subjects and keywords
- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Legal support in revenue administration, Money laundering, Revenue administration, Terrorism financing
- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Asia and Pacific, authorities in Goa, banking sector, beneficial owner, confiscation regime, CR, customs authorities, disclosure regime, due diligence, Global, government of India, Indian AML, ISCR, law enforcement authorities, Legal support in revenue administration, Money laundering, PML rule, supervisory regime, Terrorism financing