FATF conducts probe into India’s alleged money laundering activities

FATF conducts probe into India’s alleged money laundering activities

Monitoring Desk

NEW DELHI: The Financial Action Task Force (FATF) has dispatched a team to investigate illegal and inhumane activities in India.

For several years, India has been identified as a hub for international money laundering and the illicit trade of various commodities, especially weapons.

According to reports, money laundering in India has surged to an alarming $674.9 billion during the period from 2009 to 2018.

Post-2018, the anti-money laundering efforts intensified under the leadership of the BJP government, revealing numerous shortcomings in combating such activities.

Well-known newspapers and websites, including Politico, disclosed multiple setbacks in India’s efforts against money laundering in 2010.

Estimates suggest that money laundering accounts for up to five percent of the country’s Gross Domestic Product (GDP).

As per the Stockholm International Peace Research Institute, India has been the world’s largest importer of arms since 2002.

The recent arrest of Kulbhushan Yadav in Pakistan serves as a vivid example of India’s state-sponsored terrorism.

With such developments, there is a looming possibility of India being included in the FATF’s grey list in the near future.