Fraud reported by banks declined in 2024-2025 to 23,953 as compared to 36,060 in the previous year though the amount involved jumped to Rs 36,014 crore from Rs 12,230 crore.
Re-entry into the list could have far-reaching consequences for Pakistan, including diminished foreign investment, increased borrowing costs, and tighter scrutiny from global financial institutions.
The FATF statement comes in the backdrop of Indian authorities highlighting Pakistan's persistent support for terrorism and its funnelling of multilateral funds for arms procurement.
India will argue for Pakistan's return to the Financial Action Task Force (FATF) grey list due to its alleged failure to combat money laundering and terror financing. The move comes after recent tensions between the two countries following a terror attack in Pahalgam, India. India believes Pakistan has not adequately addressed the issue of terrorism emanating from its territory and has diverted funds from multilateral agencies towards arms purchases.
Dream11, Baazi Games, Zupee and WinZO among others are invited for the discussion with the anti-money laundering watchdog.
Foreign brokerage Bank of America Merrill Lynch (BofAML) on Friday said a "dovish" Reserve Bank will slash key interest rates by 0.25 per cent at the February review meet and will do cuts of 0.75 per cent in 2015.
Growth remains weak, inflation is within 2-6% range, rate cut would help recoup forex reserves
The Reserve Bank of India (RBI) has updated Know Your Customer (KYC) norms for politically exposed persons (PEPs) who transact with regulated entities (REs), seeking to comply with the recommendations of intergovernmental organisation Financial Action Task Force (FATF). PEPs are individuals entrusted with prominent public functions by a foreign country, including the heads of states/governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials, said the RBI. This change is expected to provide more clarity to undertake Customer Due Diligence (CDD), said the RBI in a communication to REs.
'A credit line on UPI is going to make banks think about credit fundamentally as they digitise the credit process entirely.'
Going by the RBI directive and the overall narrative, Paytm may have lost the rigour of stress tests, audits and compliance.
Economic growth has slipped to a six-year low of 5 per cent for the June quarter and is expected to turn in lower than that in the September quarter. Lack of consumption is seen as one of the key factors pulling down growth.
Pakistan has been on the grey list of the Paris-based Financial Action Task Force since June 2018 for failing to check money laundering, leading to terror financing, and was given a plan of action to complete it by October 2019.
The world should remain clear that Pakistan must continue to take 'credible, verifiable and irreversible' action against terrorism, India said after anti-money laundering watchdog Financial Action Task Force (FATF) removed the neighbouring country from its 'grey list'.
Significantly, for the first time, the FATF put Myanmar in the "high risk jurisdictions subject to a call for action", often referred to as the watchdog's black list.
Imran Khan on Sunday announced that his party will resume the march to Islamabad from the same spot where he survived an assassination attempt but sustained bullet injuries during a rally in Punjab province, saying he prefers 'death instead of living the life of a slave'.
The federal agency said it conducted raids against a director of Zanmai Lab Pvt Ltd, which owns WazirX, on August 3 in Hyderabad and alleged he was "non-cooperative". The agency's probe against the crypto exchange is linked to its ongoing investigation against a number of Chinese loan apps (mobile applications) working in India.
About 300 fintech firms are under investigation by the ED for allegedly partnering 38 non-banking financial companies for predatory lending practices to charge borrowers high interest rates.
Visibility wasn't good during the Republic Day flypast and the clouds hung low. 'We had 30 seconds to fame in 46 years and we made good use of it,' says Commander Mrinmoy Ghosh who flew the Indian Navy's IL-38 SD aircraft during Thursday's flypast.
Pakistan will remain on the 'grey list' of the Financial Action Task Force (FATF) until it further demonstrates that action is being taken against Jamaat-ud-Dawah chief Hafiz Saeed and Jaish-e-Mohammed founder Masood Azhar who are listed as global terrorists by the United Nations, the global anti-money laundering and terror financing watchdog said on Thursday.
Making a strong case for banning cryptocurrencies, Reserve Bank Deputy Governor T Rabi Sankar on Monday said they are even worse than ponzi schemes and threaten the financial sovereignty of a country. Observing that crypto-technology is underpinned by a philosophy to evade government controls, he said they have been specifically developed to bypass the regulated financial system. More substantially, he added, cryptocurrencies can wreck the currency system, monetary authority, banking system, and in general the government's ability to control the economy.
The Reserve Bank of India has imposed a monetary penalty of Rs 1 crore on Dhanlaxmi Bank Ltd for violation of its instructions.
The country was, in February, put on the list of jurisdictions that require increased monitoring. These are done to counter money-laundering, terrorist financing, and proliferation financing in a more efficient manner.
'We now understand things that we have to correct.'
Market observers also said the approvals depended a lot on the funds themselves, and the extent to which they followed the new norms introduced last year.
The Enforcement Directorate on Friday said it has issued a show cause notice to the country's largest cryptocurrency exchange for undertaking transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act (FEMA). WazirX, registered under the company named Zanmai Labs Pvt Ltd, was incorporated in December, 2017 as a domestic cryptocurrency start-up and its directors Nischal Shetty and Hanuman Mhatre, along with the company, have been named in the notice issued by the central probe agency after completion of investigation. The agency issued a statement saying that it stumbled upon the transactions of the company during an ongoing money laundering probe into the "Chinese-owned" illegal online betting applications.
Pakistan has improved its full compliance on only two of the 40 FATF recommendations, the APG report noted.
Insurance regulator IRDA has issued anti-money laundering guidelines that include strict adherence of KYC norms by insurance companies.
In the latest move, the telco has reduced validity for its Rs 309/509 packages from 84 days to 56
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The BofAML report said that five year money can be raised by issuing the 7 to 9 per cent coupon bonds to stabilise markets, just as it was done in 1998 and 2001.
The underperforming metal for 2017 expected to return 17-20%
India has been classified as high risk zone in terms of money laundering.
Reserve Bank carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms
BJP loss could trigger a correction
Experts say the market is more bullish on the BJP as it will ensure continuity in policymaking.
The next key battle the market will watch out for will be in Congress-ruled Karnataka
In a major boost to measures being taken by India against money laundering and terror financing activities, the Financial Action Task Force (FATF) on Wednesday said the country has substantially addressed the deficiencies in its regulatory framework and has become largely compliant with global standards in this regard.
The Paris-headquartered FATF said Pakistan should continue to work on implementing its action plan to address its strategic deficiencies
Before the elections, concerns have been raised in the country over the participation of hardline Islamist groups in large numbers.
The union government is expected to cut two per cent import duty in gold in the forthcoming budget, as local jewellers run out of inventory, a leading US brokerage said.
The FATF "strongly" urges Pakistan to swiftly complete its action plan when the last set of action plan items are set to expire.
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