Money-laundering warning from India

20 July 2011 08:48 am - 6     - {{hitsCtrl.values.hits}}

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After cautioning Indian markets about possible money laundering and terror-funding risks from Iran and North Korea, market regulator Securities and Exchange Board of India (SEBI) is to issue a warning for funds from eight more countries, including Sri Lanka.

The warning could be issued soon by the Reserve Bank of India (RBI) to banks and financial institutions seeking caution in dealings with entities and funds related to the eight nations, which also include Bolivia, Cuba, Kenya, Myanmar, Sri Lanka and Syria, the moneycontrol.com reported.

The warning follows a global caution notice from the Financial Action Task Force (FATF), the global oversight and policy-framing body for rules to combat money laundering and terror funding risks to international financial markets.

The FATF periodically issues such public notices to various foreign governments, which subsequently forward the same to their respective financial regulators.

The FATF also listed out Bolivia, Cuba, Ethiopia, Kenya, Myanmar. Sri Lanka, Syria, Turkey as countries with strategic deficiencies in their rules to combat money laundering and terror funding.

FATF said these eight countries "have not made sufficient progress in addressing the deficiencies or have not committed to an action plan developed with the FATF to address the deficiencies".
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  Comments - 6

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  • Chathu Wednesday, 20 July 2011 10:25 AM

    So we Sri Lankans do have money to buy India.

    Anushka Wednesday, 20 July 2011 10:59 AM

    Very true. The irrational hatred and fear some of our people have about countries like Iran and China is no different than the US & western phobia that another section of our people have.

    SL Wednesday, 20 July 2011 09:02 AM

    we are every where in top!! GVT is sleeping

    Abdul Razeen Wednesday, 20 July 2011 09:06 AM

    Isn't it about time we made such rules then? Our outdated laws are providing more loopholes for criminals day by day.

    TMA Wednesday, 20 July 2011 09:05 AM

    Now wonder we're close allies of Iran

    Turban Wednesday, 20 July 2011 09:47 AM

    TMA what is yr angry over Iran. Is it just because they gave us oil on credit during war time & they helped us lot during war time? Are u a LTTE?


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