Demand to put India on FATF greylist over charges of money laundering

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Demand to put India on FATF greylist over charges of money laundering

KARACHI - FPCCI’s Businessmen Panel on Saturday demanded that the Financial Action Task Force (FATF) to put India in grey till investigation of money laundering of 44 Indian banks in which amount 1.3 billion dollars was transferred n over 3000 transcations.

Secretary General (Federal) of the Businessmen Panel, Ch. Ahmad Jawad said India always made troubles for Pakistan with baseless propaganda, now it’s time for world community to take action on the account of these transactions which is great concern for us, might be this money used against Pakistan’s instability.

According the details, Data obtained by the International Consortium of Investigative Journalism (ICIJ) from suspicious activity reports (SAR) filed by American banks reveal that 44 Indian banks – public, private and foreign – were flagged for these transactions. These could relate to activities such as money laundering, terrorism and drugs.

Documents also show that Indian banks are listed in SAR related to over 2,000 transactions valued at over $1 billion between 2011 and 2017.

These include several hundred transactions related to Indian entities and businessmen where the Indian shippers or recipients have addresses in foreign jurisdictions.

Jawad said FATF’s recommendations and rules should also be followed equally in India. Besides, an accountable, dynamic, transparent and well-regulated financial architecture driven by the rule of law and financial professionalism.