Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG)
India took part in a virtual meet of a Special Eurasian Group, under the aegis of the Financial Action Task Forceon Combating Money Laundering and Financing of Terrorism.
● Pakistan, which continues to remain on the “grey list” of FATF, had earlier been given the deadline till June plenary session to ensure compliance with the 27-point action plan against terror funding networks and money laundering syndicates, or will have to face “black listing”.
● However, owing to the COVID-19, the deadline has been shifted to October plenary session, scheduled to be held in Paris.
● Ahead of the crucial meet, India plans to share more evidence with the key FATF members on the narco-terror cases linked to Pakistan-based syndicates, through which funds are allegedly being supplied to the terrorists operating in J&K.
● The global watchdog, which is actively monitoring the impact of the pandemic on measures to combat illicit financing, released a paper on “COVID-19-related Money Laundering and Terrorist Financing Risks and Policy Responses”.
EAG observed an increase in crime during the COVID-19 related crisis, including fraud, cyber-crime, misdirection or exploitation of government funds or international finance assistance.