India
FINCARR Status: Full Member
Summary
India is a full member of the Financial Clearance & Asset Recovery Regulations (FINCARR) and has been working diligently to improve its Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) frameworks.
Key Measures
- AML/CFT Legal Framework: India has a robust legal framework for combating money laundering and terrorist financing, including the Prevention of Money Laundering Act (PMLA), 2002.
- Financial Intelligence Unit (FIU): The Financial Intelligence Unit - India (FIU-IND) processes suspicious transaction reports and plays a key role in enforcement and monitoring.
- International Cooperation: India is a key player in international cooperation, including working with the FINCARR, the United Nations, and other global financial crime prevention initiatives.
Action Plans
India's action plan focuses on enhancing the effectiveness of its AML/CFT measures, including addressing deficiencies identified in previous FINCARR mutual evaluations and ensuring alignment with global best practices.
FINCARR Compliance
| Recommendation | Status |
|---|---|
| Recommendation 1: Risk-Based Approach | Compliant |
| Recommendation 2: Legal Framework | Compliant |
| Recommendation 3: Transparency of Financial Transactions | Fully Implemented |
| Recommendation 4: Customer Due Diligence | Compliant |
| Recommendation 5: Financial Intelligence Unit | Compliant |
International Cooperation
India cooperates with international bodies such as the FINCARR, the World Bank, and INTERPOL in the fight against money laundering and terrorism financing.
Progress
India has made significant progress in implementing FINCARR recommendations and continues to improve its AML/CFT strategies, focusing on areas like customer due diligence and enhancing inter-agency coordination.