The Indian government has convicted too few money launderers and terrorist financiers, an intergovernmental organization said in a report that followed India's accession to the group. The Paris-based Financial Action Task Force (FATF) deemed the South Asian democracy at least partially compliant with 44 of its 49 recommendations, in a 22-page summary of a mutual evaluation published by the organization on Friday. FATF also released generally favorable summaries of mutual evaluations of Saudi Arabia and Brazil. Despite implementing modern anti-money laundering (AML) legislation since October 2001, India was prosecuting only six individuals for money laundering during FATF's evaluation period, between...
A diamond trading group tied to one of India's largest bank loan defaults is suing over allegations that the soured deal was part of an elaborate fraud that violated the country's anti-money laundering laws.
India's chief banking regulator last year handed down a record number for anti-money laundering and know-your-customer penalties, more than quadrupling enforcement actions levied during the prior year, according to bank statistics.
The new president of an influential intergovernmental organization that sets anti-money laundering standards will focus his tenure in part on recommending changes to compliance regulations to better service the unbanked.
The Republic of India is likely to be the next nation to join the Financial Action Task Force, which sets global anti-money laundering standards, according to a report Monday by an Indian news organization.