India has made significant progress in implementing FATF recommendations: FATF-APG-EAG Report
Dilip Chenoy, Chairperson, Bharat Web3 Association, said:
FATF-APG-EAG assessment shows India has made significant progress in its anti-money laundering (AML) and counter-terrorist financing (CFT) framework, achieving high technical compliance with FATF recommendations. India has effectively utilized financial intelligence and fostered cooperation both domestically and internationally.
Since the implementation of the Prevention of Money Laundering Act (PMLA), the VDA sector has swiftly adapted to legal requirements, aided by many Bharat Web3 Association (BWA) members proactively adopting compliance measures before enforcement. Additionally, collaboration between FIU-IND and industry players through the creation of working groups enabled efficient compliance for the VDA sector. The virtual asset service providers (VASPs) operating in India must register themselves with the Financial Intelligence Unit (FIU) and report suspicious activities on the platform to regulatory bodies on a regular basis. This is a critical step for creating a safe and transparent environment for all the relevant stakeholders of the industry.
These efforts underscore India’s commitment to maintaining a transparent and robust digital asset ecosystem while combating money laundering and terrorism financing effectively. The Bharat Web3 Association (BWA) strongly believes that as the country’s economy continues to flourish, these steps and achievements will be crucial to ensuring the integrity and transparency of the virtual digital asset sector. BWA will continue to collaborate and work with regulatory bodies to ensure the growth of the Web3 sector in India.
