FATF

India joined the Financial Action Task Force (FATF) as its 34th member in June 2010. At present FATF has 36 members comprising of 34 countries and two organizations namely, the European Union and the Gulf Cooperation Council. At the time of joining FATF, India gave an Action Plan to overcome certain deficiencies in a time bound manner. Full Article

Presenting the General Budget 2011-12 here today, Shri Pranab Mukherjee, Finance Minister informed that to deal with the problem of generation and circulation of black money, the government has put into operation a five-fold strategy which consists of joining the global crusade against black money; creating an appropriate legislative framework; setting up institutions for dealing with illicit funds; developing systems for implementation and imparting skills to the manpow.. Full Article

In order to safeguard Indian markets from money laundering and terror financing risks from Iran, watchdog Sebi has asked market players to be cautious in dealing with entities and funds from that country. The warning has been issued to stock exchange Full Article

The ministry of finance has sought the views of capital market regulator Securities and Exchange Board of India (Sebi) on making the unique identification (UID) number mandatory for all securities transactions, a move that, if implemented, could help Full Article

India has become a member of elite global body Financial Action Task Force (FATF), a standard setting body to combat money laundering and terror financing. Membership of FATF has been granted to India in its Plenary held in Amsterdam, Netherlands from 23rd to 25th June, 2010. Full Article

Indian has become a full-fledged member of Financial Action Task Force (FATF), an inter-governmental body, responsible for setting global standards on anti-money laundering (AML) and combating the financing of terrorism (CFT). Full Article

All financial intermediaries, including banks and stocks brokers, will have to maintain specific information about their clients’ political links, if any. This is due to the amendment to the Prevention of Money Laundering Act (PMLA) 2002, notified by the Reserve Bank of India (RBI) on June 9 and the Securities and Exchange Board of India (Sebi) on June 14. Full Article