FATF Calls for Stricter Checks on India's Precious Metal Deals.

India has been urged by the Financial Action Task Force (FATF) to strengthen its monitoring of transactions involving precious metals and stones. The FATF highlighted that many of these deals are conducted in cash and fall outside the usual monitoring procedures. The report also noted that only a small percentage of businesses in this sector are registered with the Gem and Jewellery Export Promotion Council, which verifies proof of identity. The FATF's findings come after a review of India's financial system, which found that while some changes have been effective, other guidelines, such as those for the supervision of virtual asset service providers, are too recent to evaluate. [Extracted from the article]

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