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.
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