FATF and PM Modi.
Paris: Financial Action Task Force (FATF), an international organization that monitors terrorist funding and money laundering around the world, has warned India about terrorist organizations like Islamic State and Al Qaeda. According to FATF, due to the strictness of Modi government in the matter of terrorism and foreign funding, ISIS, various terrorist organizations associated with Al Qaeda and extremists want to uproot India. But due to the strictness of Modi government, they are not able to do so right now. Therefore, FATF has warned India about such terrorist and extremist organizations and has also praised the strict action of Modi government against terrorists.
FATF has said that the biggest threat to India is from the terrorist groups associated with Islamic State and Al-Qaeda active in Jammu and Kashmir. It is also facing terrorist threats from these organizations. Right now these terrorist networks are planning to carry out many big attacks against India, but the strictness of the Modi government is coming in the way of them. FATF has made this comment in the ‘Mutual Evaluation Report’ released on dealing with terror financing and anti-money laundering system.
FATF is happy with Modi government’s strictness against terrorism
While warning India about the threat from terrorists, FATF has expressed happiness over the Modi government’s strictness against terrorism. Along with this, this action has been praised a lot. In a big revelation, the Financial Action Task Force (FATF) said on Thursday that India is facing threats from a variety of terrorist groups linked to the Islamic State or Al-Qaeda. These are more active in and around Jammu and Kashmir.
In its 368-page report, FATF said India has implemented an anti-money laundering and terror financing system that is effective in many ways. However, it noted that more major reforms are needed to strengthen prosecution in money-laundering and terror financing cases, including protecting the non-profit sector (NGOs) from terrorist abuse. Because the main sources of money laundering in India arise from illicit activities carried out within the country.
FATF praised India’s steps
The fourth round of FATF mutual evaluation for India took place in November 2023. The mutual evaluation report for India was adopted at the FATF meeting held in Singapore between June 26-28 this year, stating that it had achieved a “high level of technical compliance” with the global money laundering watchdog’s requirements. The FATF had placed India in the “regular compliance” category, the highest rating given by the global watchdog and a distinction shared by only four other G20 countries, including the UK, France, Italy.
India’s measures to combat money laundering and terrorist financing
India has achieved a high level of technical compliance with the FATF recommendations and has taken significant steps to implement measures to combat illicit financing. However, it is important that the country continues to improve its systems as its economy and financial system continue to grow. In particular, it will have to ensure that money laundering and terrorist financing prosecutions are completed and offenders are subject to appropriate sanctions. Along with this, a risk-based and educative approach will have to be adopted with non-profit organizations.
India is facing serious terrorism
The joint FATF-APG-EAG evaluation of the country’s measures to combat illicit financing concluded that India has implemented an anti-money laundering and counter-terrorist financing (AML/CFT) framework that is achieving good results, including risk understanding, outreach, obtaining ownership information of beneficiaries and depriving criminals of their assets, authorities make good use of financial intelligence and cooperate effectively domestically and internationally. Following the evaluation, India has been placed in “regular follow-up”. FATF said India is facing serious terrorism threats.
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