This is the third and final segment of ELP's article series
on Financial Action Task Force (FATF) and its significance against
the backdrop of the upcoming Mutual Evaluation in India.
In the first segment of the series1, we discussed the
constitution of the FATF, its role, objectives as well as
assessments under FATF in certain countries. FATF and FATF-styled
bodies (FSRBs) conduct periodic Mutual Evaluations for every member
country and based on Mutual Evaluation Reports (MERs), countries
with deficiencies and low compliance with FATF's
recommendations are classified under the grey list or blacklist.
The MERs also prescribe ratings to countries under the categories
of i) Non-Compliant ii) Partially Compliant iii) Largely Compliant
and iv) Compliant based on the compliance level of the country
against specific FATF recommendations. Effectively, better
compliances result in higher rating for the country. Based on such
MERs, countries where deficiencies are observed are
