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FATF Acknowledges India’s Progress in Mitigating Money Laundering & Terrorism Financing Risks


FATF Acknowledges India’s Progress in Mitigating Money Laundering & Terrorism Financing Risks


India marks a significant milestone achieving outstanding outcomes in The Financial Action Task Force’s (FATF) Mutual Evaluation report 2023-24. FATF placed India in its ‘regular follow-up category’, in select group with only four other G20 countries. Muthoot Finance is the only NBFC in India to have been selected to represent the entire NBFC segment in the On-site Evaluation by FATF team which visited India in November 2023.

The Financial Action Task Force (FATF) is a global agency formed in 1989 to develop policies to combat money laundering, terrorism financing and several other significant threats to soundness of the financial system. The FATF conducted an extensive evaluation on various parameters like the actions taken/efforts made by Indian law enforcement agencies, leading industry bodies, and institutions like banks, NBFCs, and other key players in the market in compacting money laundering, terrorism financing and proliferation financing. The extensive onsite evaluation was carried out in New Delhi, India in the month of November 2023, and Mr. K R Bijimon – Executive Director & COO, Mr. Rajesh Warrier – Company Secretary, Mr. Kiran G – General Manager Audit & Ms. Bindhu Joseph – Manager, Executive Director’s Office represented Muthoot Finance.

Mr. George Alexander Muthoot, Managing Director of Muthoot Finance, said, “This selection from FATF is a significant achievement for us and is testimony to Muthoot Finance’s legacy as a trusted brand not in just India but globally. Our unwavering commitment to fair-trade practices, transparent operational processes and compliance to regulations has enabled us to deliver high-performance and daily service to more than 2.5 lakh customers nationwide. We always strive to set benchmarks in the Indian finance industry through proactive measures focused on strengthening money laundering and fraud detection so as to provide a safe and secure environment for our customers and play an instrumental role in delivering last-mile credit to all.”


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