India Steps Up on Terror Financing and Money Laundering Trials

India is enhancing its trial processes in cases of terror financing and money laundering. The Financial Action Task Force (FATF) has highly rated India's efforts in financial intelligence and anti-money laundering measures. However, significant improvements are required in prosecution processes for these crimes.

India is taking significant steps to streamline the trial process in cases related to terror financing and money laundering, a senior official announced on Thursday.

Vivek Agarwal, Additional Secretary (Revenue) in the Finance Ministry, stated that the global watchdog, the Financial Action Task Force (FATF), has given India a high rating in areas such as financial intelligence, anti-money laundering measures, and terror financing risk assessments. He emphasized that fast-tracking trials in these areas is a crucial recommendation from the FATF.

The FATF's mutual evaluation report released on Thursday acknowledged that India has an effective system in place to combat money laundering and terror financing. Nonetheless, the report highlighted the need for major improvements in prosecuting these crimes. Agarwal remarked that India has passed the evaluation with distinction and will continue its efforts in addressing any gaps identified by the FATF.

(With inputs from agencies.)