Financial Action Task Force (FATF) Urges India to Strengthen Virtual Asset Regulation

The Financial Action Task Force (FATF) on Thursday announced that after a joint assessment with the Asia Pacific Group on Money Laundering (APG) and the Eurasian Group (EAG), 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, areas for improvement were identified, particularly in the regulation of the non-financial sector and virtual asset providers. India was urged to adopt a risk-based approach to protecting non-profit organizations and to address delays in the prosecution of financial crimes.