In a Nov. 8 televised address, India's Prime Minister Narendra Modi told the nation of his decision to withdraw 500- and 1,000-rupee banknotes from circulation as part of the country's broader crackdown on financial crime. The notes no longer constituted legal tender as of midnight that night. In some respects the policy has already paid off, according to Amit Kumar, a terrorist financing analyst in Washington, D.C. and president of AAA International Security Consultants LLC. Early reports indicate that blacklisted militant groups have found it much more difficult to raise and move funds in the country. But "demonetization" is just...
The financial services industry is playing an increasingly pivotal role in the Indian government’s campaign to tackle tax evasion and other financial crime by seizing undeclared assets and illicit funds.
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