The global anti-money laundering watchdog, the financial Action Task Force (FATF) urged India on Thursday to speed up its prosecutions in financial fraud cases. The 40-member FATF, established in 1989,

FATF also said India has to improve the implementation of cash restrictions by dealers in precious metals and stones as a priority.

The Financial Action Task Force (FATF) has recognized India's strides against money laundering and terrorism financing with a 'Regular Follow-up' rating. The FATF praised India's structural and institutional frameworks,

For the non-profit organisations (NPO) sector, the FATF said India should ensure that measures aimed at preventing the sector from being abused for terror financing are implemented.

The Financial Action Task Force has acknowledged India's efforts but called for reducing pending money laundering cases and significant changes in prosecuting terror financing. The report highlights threats from extremist groups and stresses the need for better regulation of non-profits to prevent their misuse for terrorist financing.

Global anti-money laundering and terror financing body FATF on Thursday launched its much-awaited mutual evaluation report on India, saying the county's systems were "effective" but "major improvements" were required to strengthen prosecution in these cases.