Anti-Money Laundering Current Affairs - 2020

India trains Nepali officers in AML and CFT

Government of India is training officers of Government of Nepal on ‘Anti Money Laundering (AML) and Countering Financing of Terrorism (CFT)’ in India at the Regional Centre of National Academy of Customs, Indirect Taxes and Narcotics (NACIN) in Bengaluru.

The course is divided into three batches. This is the second group of 18 Nepali officers that are undergoing training. Initially, the 1st group of 20 Nepali officers had successfully completed their 6-days training module on 24 August 2019 and the third batch of 21 officers will undergo training in December 2019.

Key Highlights

The course undertaken by officers is fully supported by Government of India under Union Ministry of External Affairs’ Indian Technical and Economic Cooperation (ITEC) Programme.

​This is a special tailor-made course designed at the request of Government of Nepal and is an example of India’s commitment to enhance capacities of various agencies of Nepal Government. The training will enhance capabilities of participating officers to effectively deal with matters pertaining to AML and CFT.

About National Academy of Customs, Indirect Taxes and Narcotics (NACIN)

It is a premier training institute of Government of India with state-of-the-art learning facilities in field of financial investigations and anti-money laundering matters. It is an accredited Regional Training Centre of World Customs Organization (WCO) for Asia/Pacific Region. NACIN also works in collaboration with other international organizations like UNEP, UNODC (United Nations Office on Drugs and Crime), SASEC (South Asia Subregional Economic Cooperation) etc.

Sri Lanka removed from FATF’s Grey List

Sri Lanka has been removed from ‘Grey List’ of Financial Action Task Force (FATF) following the new measures taken by the country on financial security. The word ‘Grey List’ identified by FATF refers to a jurisdiction with strategic Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) deficiencies.

Key Highlights

The announcement regarding removal of Sri Lanka’s name from the list of countries at risk for money laundering was made by Sri Lankan Minister of Finance Mangala Samaraweera, after a 5-day FATF plenary concluded in Paris, France.

FATF, the international terror financing watchdog, noted that Sri Lanka set out a sound framework to bring the commitment of all stakeholders for enhancing AML/CFT standards in order to improve compliance and country rating.

Background

Sri Lanka was first included in FATF’s blacklist in 2011, and by 2012, Sri Lanka was listed in the list as a dangerous country with no commitment to financial security plan.

Later in October 2016, FATF subjected Sri Lanka to a review of FATF’s International Cooperation Review Group (ICRG) for assessing the progress of AML/CFT effectiveness in country.

However, since 2016, Sri Lankan government together with country’s Central Bank and other financial institutions has taken several measures to ensure the financial security of country. As a result these efforts, Sri Lanka was declared a cooperating state in 2016 and FATF putted Sri Lanka on its grey list from November 2017. The island nation has reported the progress achieved in the implementation of action plan regularly to FATF.

What is Financial Action Task Force (FATF)?

It is a Paris (France) based inter-governmental organisation established in 1989.

It is the international terror financing watchdog that combats terrorist financing, money laundering as well as other related threats to integrity of international financial system.