Anti-Money Laundering(AML)/Combating Financing Terrorism(CFT) - India in the Global Context

  Affordable financial products and services—such as transactions, payments, savings, credit and insurance—help people manage risks, build wealth and invest in businesses. Financial inclusion means that individuals and businesses have access to and use affordable financial products and services that meet their needs, which are delivered in a responsible and sustainable way. Financial inclusion is a catalyst for achieving seven of the 17  Sustainable Development Goals  (SDGs) . It fosters economic growth and employment, promotes economic empowerment of women, and contributes to eliminating poverty. FATF on Financial Inclusion The FATF Recommendations set out a comprehensive and consistent framework of measures which countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. Countries have diverse legal, administrative and operational frameworks and different financial sys...

  Latin term “rogatorius” means seeking information. Letters Rogatory are the letters of request sent by the Court of one country to the Court of another country for obtaining assistance in investigation or prosecution of a criminal matter. Letters rogatory are the customary method of obtaining assistance from abroad in the absence of a treaty or executive agreement. A letter rogatory is a request from a judge in India  to the judiciary of a foreign country requesting the performance of an act which, if done without the sanction of the foreign court, would constitute a violation of that country's sovereignty. Prosecutors should assume that the process will take a year or more. Letters rogatory are customarily transmitted via the diplomatic channel, a time-consuming means of transmission. The time involved may be shortened by transmitting a copy of the request through Interpol, or through some other more direct route, but even in urgent cases the request may take over a month t...

  Embargo   Embargoes serve as a powerful tool to impose a comprehensive ban on trade, investment, and economic activities, specifically targeting a particular country or group of countries. These measures are strategically implemented to apply pressure on a nation, compelling it to reconsider its policies, actions, or address potential threats. The scope of an embargo can range from restricting specific goods and services to imposing comprehensive economic barriers affecting multiple sectors. Example :  EU embargo on Russia In response to the Russian involvement in the conflict in Ukraine that started in early 2014, the EU imposed on 31 July 2014 sanctions against Russia, including an arms embargo, by adopting Council Decision 2014/512/CFSP, and Council Regulation (EU) No 833/2014. The sanctions prohibited any involvement in the supply of arms and services related to military to Russia or dual use items for military use or military end-users in Russi...