Ministry of Finance Year-Ender 2024: Strengthening Financial Intelligence and FATF Compliance
By: Admin
Date: December 25, 2024
Category: Press Release
Reading Time: 4 Minutes
Key Highlights
In 2024, the Department of Revenue enhanced financial intelligence mechanisms and compliance with global standards to counter illicit finance. The Financial Intelligence Unit-India (FIU-IND) played a pivotal role in these efforts, contributing to law enforcement and achieving notable recognition from the Financial Action Task Force (FATF).
Major Achievements
Actions by FIU-IND
The FIU acts as a bridge between the financial sector and Law Enforcement Agencies (LEAs). Its efforts in 2024 resulted in:
₹983.40 crore worth of assets attached.
₹2,763.30 crore worth of criminal proceeds identified.
₹10,998 crore in undisclosed income detected.
461 kg of narcotics and psychotropic substances seized.
211 compliance orders issued with penalties totaling ₹39.14 crore.
184 arrests in cases of Money Laundering (ML), Terrorist Financing (TL), and related predicate offenses.
FATF Recognition
The FATF, the global watchdog for money laundering and terrorist financing, recognized India’s achievements:
- High-Level Technical Compliance:
India met international standards across FATF’s recommendations.
Mitigation of risks associated with money laundering, terrorism financing, and proliferation financing.
- Highest FATF Category:
India was placed in the “Regular Follow-Up” category, a distinction shared by only four G20 countries.
- Mutual Evaluation:
FATF’s evaluation for 2023-24 lauded India’s progress and reforms.
Why This Matters
India’s strengthened financial intelligence and FATF compliance showcase its commitment to combating illicit finance. These achievements not only reinforce national security but also enhance India’s global standing in financial governance.
