India Financial Crime Threat Assessment 2022 by FCN

This 100 page India Threat Assessment by Financial Crime News for 2022 is now published. To download the India Threat Assessment click here: India TA August 2022 Final

India is rated overall as Moderate High Risk scoring 26/100 for financial crimes and money laundering by FCN. Threats are rated High at 13/100 & Responses Low Moderate at 38/100.   

This is before FATF Mutual Evaluation results are published (expected in 2023), & India is therefore not on any Grey List. A National AML/CTF Risk Assessment is also not yet published but is being worked on. 

The main sources of ML are from drug trafficking (DT), fraud, transnational organised crime; human trafficking; and corruption as well as goods piracy with terrorism and TF a major threat too. OC criminality involves DT, IWT, HT & Gold/Precious Stones. Money Laundering methods and sectors of importance are Cash and Trade, Round tripping, and VC, Hawala, Real Estate, Gold and Stones, Banks and FIs, NPOs & Shell Companies. 

According to the OC Index 2021, resilience is scored 5.25/10 ranked 72nd of 193 countries and 15th lowest of G20 countries. Asset recoveries are minimal. No PPP. 

Of all the 15 countries now reviewed in detail by FCN, which includes: Australia, Austria, France, Germany, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Russia, Spain, United Arab Emirates & United Kingdom, unfortunately India appears furthest behind, whilst being a source, transit & destination for financial crime and money laundering.

For a copy of the 2 page India 2022 Threat Assessment Country Dashboard, see Here: India Dashboard Aug 2022 FINAL 

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