India is making stringent arrangements to stop money laundering and terrorist funding. In this regard, preparations are being made to increase surveillance on international transactions through credit cards. India, in collaboration with the countries involved in the Financial Action Task Force, wants to bring credit card transactions under real-time surveillance, so that it can be immediately ascertained from whose account the money has been deducted and which person or organization’s account it has gone into.
Sources say, India wants that the identity of the person making the payment through credit card at international level and the person receiving it should be made available immediately when asked. If any suspicious transaction is being done, then it should be reported in real time. It is expected that this rule will be implemented soon through FATF. Keep in mind that many gateways including Master Card, American Expressway allow their customers to transact through credit card at international level. Customers can go to other countries and shop from any store through credit card.
crackdown on money laundering
The FATF evaluation assesses technical compliance of more than 40 recommendations and the effectiveness of 11 immediate results, in which India’s efforts in reducing the risk posed by money laundering and terrorist funding have been quite impressive. India has curbed money laundering and has worked to curb corruption, fraud and organized crime.
The report will be released on September 19
FATF will release its mutual assessment report on India on September 19. It is likely that India will get a better ranking this time too. India has been regularly following the parameters set by FATF. Therefore, being included in the regular follow-up category has improved India’s credibility and reputation as an economically stable and safe nation.
