India's Minister of Economic Affairs, Yogesh Khanna announced on Tuesday that the country is ready to join the ranks of international anti-money laundering body, the Financial Action Task Force (FATF).
Speaking at a press conference in the United States following a bilateral meeting to discuss financial and economic issues, Mr Khanna stated that: 'I believe India is fully qualified to become a member of the FATF,' explaining that the FATF's 48 anti-money laundering recommendations have all been incorporated into a bill currently under consideration in the lower house of Parliament.
He also told reporters that the Indian authorities are keen to crack down on the informal money transmission system known as 'hawala', thought to be especially rife in India. In the minds of FATF members, hawala transfers present a money-laundering danger because they leave no paper trail to follow in the event of a subsequent investigation.
'It has to be dealt with as something which should not be encouraged,' the Economics Minister concluded.
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