India’s FATF scorecard: ‘Largely compliant’ but precious metals & stones sectors pose money laundering risks
The latest FATF report reveals that only 9,500 of the 175,000 dealers in precious metals and stones (DPMS) are registered with the GJEPC.
India's Precious Metals and Stones Sector Under Scrutiny for Money Laundering Risks
The Financial Action Task Force (FATF) has flagged India's precious metals and stones sector as a potential tool for money laundering and terrorist financing. The Paris-based watchdog's mutual evaluation report stresses the vulnerability due to the sector's size and calls for enhanced understanding and regulation.
Gems, jewellery sector in India vulnerable to money laundering, terror financing: FATF
The Financial Action Task Force (FATF) report pointed out that India’s gems and jewellery sector is vulnerable to money laundering, terrorist financing as large amounts of funds are not showing ownership trails.
India's gems, jewellery sector vulnerable to money laundering, terrorist financing: FATF
The Financial Action Task Force (FATF) has highlighted vulnerabilities in India's precious metals and stones sector, noting its potential for money laundering and terrorist financing. The report suggests India should improve risk understanding and data collection to better address these threats,
India's gems, jewellery sector vulnerable to money laundering: FATF
The ease with which the trade of precious metals and stones can be used to move "large amounts" of funds without leaving an ownership trail shows this sector in India is vulnerable to be used as a tool for money laundering and terrorist financing,
FATF asks for tighter checks on India’s precious metal deals
As a result of tax law provisions relating to cash threshold prohibition, the Dealers in Precious Metals and Stones (DPMS) sector falls outside the scope of preventive measures,” the FATF said. “There are doubts on the dissuasiveness of the penalty provisions.
FATF draws India's attention to cash dealings in precious metals and stones sector, calls for stricter checks
The country has about 175,000 businesses in the sector but just 9,500 are registered with the Gem and Jewellery Export Promotion Council, which verifies proof of identity, FATF said in the India’s mutual evaluation report released on September 19.
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Middle East Offers Bright Prospects for Indian Jewellery Exporters: GJEPC Report
The Gem & Jewellery Export Promotion Council (GJEPC) has identified the Middle East, particularly Saudi Arabia and Kuwait, as ...
Opportunities emerging for India's gems & jewellery in the Middle East: GJEPC
Indian jewellery exporters are seeing rising demand in the Middle East, particularly in Saudi Arabia and Kuwait. The Gem & ...
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Gold price surge affecting exports, says GJEPC
"One of the things that we have seen is that the diamond prices are stabilising. So the fall in diamond exports has decreased ...
Gem & Jewellery Export Promotion Council explores new markets for exports
GJEPC boosts gem and jewellery exports by targeting new markets, enhancing India's reputation in craftsmanship globally.
Commerce Ministry Considers Task Force For Gem And Jewellery Industry Amid Global Challenges
The Ministry of Commerce is exploring the formation of a dedicated task force for the gem and jewellery industry to address ...
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India's Gems ' Jewellery Sees Growth in Middle East: GJEPC
Indian jewellery exporters are seeing rising demand in the Middle East, particularly in Saudi Arabia and Kuwait, as reported ...
‘India's gems, jewellery sector vulnerable to terror-financing’
The report says there are approximately 1,75,000 DPMS (dealers of precious metals and stones) in the country but its apex ...