The Asia-Pacific Group (APG) of the Financial Action Task Force (FATF) is a global watchdog for terror financing and money laundering. It has recently put Pakistan in the Enhanced Expedited Follow Up List (Blacklist) for its failure to meet its standards. The APG has also found that Pakistan was non-compliant on 32 of the 40 ..
Saudi Arabia has become the first Arab country to be granted full membership of Financial Action Task Force (FATF) following its Annual General Meeting at Orlando in Florida, USA. Since November 2004, Saudi Arabia has been a founding member of the Middle East and North Africa (MENA) arm of the FATF group. Its full FATF ..
IDBI Bank has launched the ‘NRI-Insta-Online’ account-opening process for Non-Resident Indians (NRIs) residing in Financial Action Task Force (FATF) member countries. The person will not be required to furnish physical documents and KYC proofs for opening an account with the bank. NRIs will now be able to open account in IDBI Bank without submitting paper ..
Pakistan Foreign Minister Shah Mahmood Qureshi said that Pakistan could be blacklisted by the Financial Action Task Force because of ‘lobbying by India’ after estimating that the country could suffer $10 billion loss annually if it remains in the watchdog’s grey list. Last year the Paris-based FATF had placed Pakistan on the ‘grey list’ of ..
The Enforcement Directorate has said that consortium of banks which is led by the State Bank of India, have recovered over one thousand crore rupees from the sale of shares of fugitive offender Vijay Mallya. The amount was recovered by Bangalore based Debt Recovery Tribunal by the sale of over 74 lakh shares held by Mallya ..
Delhi court has issued an order of the attachment of fugitive Vijay Mallya’s properties in Bengaluru in a case relating to FERA, Foreign Exchange Management Act violations by 10th July, next date of hearing. The court has declared Mallya a proclaimed offender for evading summons in a violation case after noting that he had ..
Each of the two Houses of Parliament has an ethics committee. They deal with the members’ conduct. These panels were recently looking into complaints against Amethi MP Rahul Gandhi and Rajya Sabha MP Vijay Mallya. Role of Ethics Committees Besides overseeing the moral and ethical conduct of members, ethics committee also prepares a Code of ..
India signed an agreement with the Eurasian Group (EAG) to inter-alia enhance cooperation in the areas of money laundering and terrorist financing. The Cabinet had approved the agreement earlier this month. A six-member Indian delegation led by Dr Mathew attended the 15th Plenary Meeting of the Eurasian Group (EAG) on Combating Money Laundering and Financing ..