Mutual Evaluation of India: 8th Follow-up report & Progress Report on Action Plan

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Mutual Evaluation of India: 8th Follow-up report

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Mutual Evaluation of India: 8th Follow-up report & Progress Report on Action Plan

The first Mutual Evaluation of India of India was adopted on 24 June 2010.

India was placed in the regular follow-up process for mutual evaluation purposes because of partially compliant (PC) ratings on certain core and key Recommendations. Since the publication of the mutual evaluation report, India has been reporting back to the FATF on a regular basis on the progress made in the implementation of its Action Plan to strengthen India’s AML/CFT System. India has made significant progress with regard to the implementation of this action plan.

In particular, since the adoption of its MER in 2010, India focused its attention on:

  • rectifying nearly all of the technical deficiencies identified with respect to the criminalisation of money laundering (ML) and terrorist financing (TF) and the implementation of effective confiscation and provisional measures;
  • substantially addressing the technical deficiencies identified in relation to customer due diligence and other preventive measures;
  • further enhancing its outreach programme to provide guidance to the financial sector on the suspicious transaction reporting obligations and engaging in extensive compliance monitoring; and
  • bringing several of the Designated Non-Financial Businesses and Professions (DNFBPs) within the scope of its preventive anti-money laundering (AML) / combating the financing of terrorism (CFT) measures.

At the June 2013 Plenary meeting, the FATF decided that India had reached a satisfactory level of compliance with all of the core and key Recommendations and could be removed from the regular follow-up process. The decision by the FATF to remove a country from the regular follow-up process is based on updated procedures agreed in October 2009.