New Delhi: National Risk Assessment (NRA) is currently underway in which central agencies, including Bank of India’s reserves have been assigned to evaluate sectors that are susceptible to money laundering and terror financing.
Exercises have begun right above India’s reciprocal evaluation of the financial action unit (FATF), the intergovernmental agency based in Paris who recently defended Pakistan on the ‘gray list’ after its non-compliance in taking terrorist acts that are prohibited.
And non-appointed terrorists, deny them access to financial institutions and banks.
India’s own fatf assessment has been delayed since 2019 and was delayed twice.
Previous internal assessments have found a lack of confidence in a large number of cases related to money laundering.
After this, the government has asked ED and CBI to submit a chargesheet in a time-bound manner and ensure confidence in the case where complaints of prosecution have been submitted.
The Central Economic Intelligence Bureau (CEIB), the Ministry of Finance’s arm, has coordinated closely with all intelligence and law enforcement agencies, including the RBI, to further improve inter-agental cooperation and increase actions against suspicious entities that are engaged in money laundering.
The real estate and gems and jewelry sectors are particularly more susceptible to money laundering and have been high on the government’s agenda to prevent organized crime syndik using financial institutions to wash money and endanger the economy.
The Lakh Shell company has been derolegated by the government in recent years after they were found involved in money laundering without real business activities involved.
The Ministry of Revenue in the Ministry of Finance is a department appointed to do NRA about money laundering and terror financing.
According to sources, India’s reciprocal evaluation of Fatf has been postponed around 2022 May 202.
Another area that is concerned about the center is access to several terror clothing for international finance coming through non-profit organizations and in the northeastern state and J & K.
Sectors are susceptible to terrorist funding, laundering under the lens
