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What has happened?

Financial Intelligence Revised Pdf

  • An evaluation by the global organisation Financial Action Task Force (FATF) to analyse the effectiveness of India’s anti-money laundering and countering terrorist financing regime,
  • Has been postponed for the second time in view of the pandemic and is now slated to be initiated next year, officials said.
  • The scheduled assessment by the Paris-headquartered watchdog was slated for September-October, 2020.
  • These dates were postponed to February this year by the FATF secretariat.
  • As per this rescheduled calendar, the technical evaluation would begin in September next year.
  • The FATF plenary that is expected to be held in October, 2023 will discuss the Indian assessment and its mutual evaluation report will be published for public consumption after 10 months from the date of the on-site visit, he said.

Financial Intelligence Centre Amendment Act, 2008 (Act No. 11 of 2008) General Intelligence Laws Amendment Act, 2013 (Act No. 11 of 2013) Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017) ACT To establish a Financial Intelligence Centre in order to combat money laundering activities and the financing of terrorist and related. Financial Intelligence Act 13 of 2012 (GG 5096) brought into force on 21 December 2010 by GN 304/2012 (GG 5104) as amended. How to customize woocommerce pages. Prevention and Combating of Terrorist and Proliferation Activities Act 4 of 2014 (GG 5490) brought into force on. 1 July 2014 by GN 80/2014 (GG 5497) Government Notice 339 of 2019 (GG 7049) under the authority of.

But why India’s review?

  • The FATF is a global money laundering and terrorist financing watchdog that sets international standards to prevent economic and financial crimes in a country with inter-connected linkages across the world.
  • It conducts “peer reviews of each member on an ongoing basis to assess levels of implementation of the FATF recommendations and provides an in-depth description and analysis of each country’s system for preventing criminal abuse of the financial system.”
  • The last such review of India was held in June, 2010 and it is usually taken up again after 10 years.

FATF’s view on India?

  • The FATF, post this review, had said in 2013 that- “India had made significant progress in addressing deficiencies identified in its mutual evaluation report and [the FATF] decided that the country should be removed from the regular follow-up process.”
  • In 2019, India had set up a joint working group comprising 22 Central investigation, intelligence gathering and regulatory agencies,
  • To make presentations, hold discussions and brief the FATF experts, drawn from various countries, once the process starts.
  • Some of the prominent agencies in this grouping supervised by the Department of Revenue under the Union Finance Ministry include-
  • he Enforcement Directorate, Income Tax Department, Directorate of Revenue Intelligence, Financial Intelligence Unit, CBI, Customs Department, market regulator SEBI, banking regulator RBI and insurance regulator IRDAI.
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What India can show In presentation to FATF?

  • The enactment of the Fugitive Economic Offenders Act in 2018, the anti-black money Act of 2015, amendments brought in the PMLA over the years,
  • Curbing tax evasion under indirect taxes by bringing in the GST (Goods and Services Tax), new protocols to better regulate suspect transactions in banks and financial intermediaries and
  • The 2016 demonetisation of two large currencies are part of the Indian presentation, an officer had said last year.
  • The high number of domestic and international attachment of assets and penalties issued under the PMLA, and
  • Chargesheets filed by various probe agencies under criminal Sections of the law against financial crimes and terror funding will also be part of the presentation to the FATF review team.
  • The wide spectrum of offences from wildlife smuggling to use of smart electronic tools to generate black money being probed by Indian agencies will be part of the dossier, officials informed.
  • The new compliance regime brought in by the Financial Intelligence Unit (FIU) for banks, other financial institutions, casinos and payment gateways to report suspect transactions and counterfeit currency will also be part of the presentation.

FATF

  • The organisation was established by the G-7 Summit that was held in Paris in 1989 in response to mounting concern over money laundering.
  • The G-7 Heads of State or Government and President of the European Commission convened the Task Force from-
  • The G-7 member States, the European Commission and eight other countries after recognising the threat posed to the banking system and to financial institutions.
  • Originally comprising 16 members, the FATF expanded its membership to 28 members by 1992.
  • By 2,000 it had 31 members and has since expanded to 39 members.
  • The FATF Plenary, it’s decision-making body, meets thrice a year.

Q) India has the Anti Terrorism Assistance Pact with which among the following country?

  1. USA
  2. UK
  3. Israel
  4. Japan

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Financial Intelligence Revised Edition

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  • Author : Karen Berman
  • Publisher : Harvard Business Press
  • Release Date : 2013-01-29
  • Genre: Business & Economics
  • Pages : 272
  • ISBN 10 : 9781422144121
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