New Delhi. India has a very good record in controlling illegal money transactions, catching illegal earnings and stopping access of financial resources to terrorist organizations. FATF is so satisfied with this that it has placed India in the category of those four countries selected in the group of G-20 countries, which will have to submit their report on these subjects only after three years in October 2027.

What did the Finance Ministry say? 

The Finance Ministry has called the praise received from FATF as an incentive for strengthening the Indian economy, while the Ministry of External Affairs has called it a success and a positive step. FATF i.e. Financial Action Task Force is an organization of 40 countries of the world, which monitors illegal cash transactions at the global level and reviews the steps taken to stop it.

FATF can also blacklist countries that do not take steps accordingly, which can cause problems for that country in getting external loans or doing business. Two years ago, FATF had threatened to put Pakistan in the banned list. To avoid this, the Pakistani government had to take several steps to stop the financial sources of terrorist organizations.

Pakistan also had to take action 

To avoid this ban, Pakistan had to take action against the heads of many of its own terrorist organizations, such as Jaish-e-Mohammed chief Masood Azhar and Lashkar-e-Taiba chief Hafiz Saeed.

Foreign Ministry spokesman Randhir Jaiswal said, 'The FATF meeting is going on in Singapore but their comments on the actions taken in India to stop money laundering and funding of terrorist organizations are a success and we are considering it very positive.'

FATF accepted India's report 

FATF has accepted the mutual evaluation report submitted by the Indian government and has placed it in the category of countries with regular follow-up. Only four G-20 countries are in this category. This means that these four countries have to submit their reports in three years, while other countries will have to report on the steps taken against money laundering on an annual basis.

India has been continuously trying to stop illegal financial transactions in the country since 2014 and FATF has not seen any lack in its efforts. Meanwhile, Turkey has also welcomed its removal from the grey list and has expressed hope for foreign investment.