GJEPC’s Role Highlighted in India’s Successful FATF Review Chaired by Hon’ble FM

The GJEPC’s significant contributions were lauded at a get-together organised by the Revenue Department on 29th June, marking the successful review of India’s Financial Action Task Force (FATF) preparedness, awareness, and implementation chaired by the Hon’ble Minister of Finance and Corporate Affairs, Smt Nirmala Sitharaman. The event, held at The Ashok Hotel in New Delhi, highlighted the conclusion of India’s FATF Mutual Evaluation (ME) process, with the final report being tabled at the FATF plenary session on 26th June 2024.

India’s journey through the FATF ME process required an intense and coordinated effort. The Indian team, comprising the Department of Revenue, Ministry of Home Affairs, Ministry of Corporate Affairs, Ministry of External Affairs, and other ministries, financial sector regulators, law enforcement agencies, judges, prosecutors, and numerous public and private sector players, faced the assessment with remarkable coordination and sincerity. This achievement is significant, considering that many G20 countries, including the USA, China, Germany, Canada, and Japan, are in enhanced follow-up, and South Africa and Turkey are in the grey list.

Given the sensitivity of the gem and jewellery sector, the government was keen to ensure the Review Team’s satisfaction. Consequently, the GJEPC was involved from the beginning, culminating in a final presentation and discussions with the Review Team in Delhi in November 2023. The GJEPC team, led by the Executive Director Mr. Sabyasachi Ray, delivered a substantive presentation offered a detailed explanation of the various compliances adhered to by the trade.

The Review Team was fully satisfied with the efforts and contributions of the GJEPC. In recognition, the GJEPC was invited to the get-together, where the Hon’ble Minister of Finance and Corporate Affairs, Smt Nirmala Sitharaman, was the Chief Guest. Other attendees included the Revenue Secretary, DEA Secretary, and senior officials from CBIC, CBDT, DRI, Enforcement, RBI, etc.

Mr. Vipul Shah, Chairman, GJEPC, said, “Our team’s dedication and thorough preparation have played a crucial role in this successful review. We are honoured to be recognised for our efforts and will continue to uphold the highest standards of compliance in our industry.”