The Financial Task Force, an international policy-making body, has hailed India's progress in dealing with "illicit financing"

New Delhi: The Financial Task Force, an international policy-making body, has hailed India's progress in dealing with illicit financing. 

The Financial Task Force also did not forget to warn the country about the existing threats related to terrorism and terrorist financing, especially those related to ISIL and Al Qaeda.

India has achieved a high level of technical capacity across FATF recommendations and the country has taken significant steps to speed up measures to tackle illicit financing.  However, as the economy grows, India needs to continue improving its system, the Financial Task Force said.

A joint report from the FATF, the Asia/Pacific Group on Money Laundering (APG) and the Eurasian Group (EAG) has highlighted India's robust anti-money laundering (AML) and counter-terrorist financing (CFT) systems. 

The report noted that the country has demonstrated success in understanding risks, gaining access to beneficial ownership information and confiscating the assets of criminals.