India has agreed to a Paris-based Financial Action Task Force’s revised recommendation on combating money laundering and financing of terrorism that could have a bearing on its relations with Iran.
As per the revised recommendations, which as a member of the FATF India is party to, the group has called for targeted financial sanctions against those which are responsible for proliferation of weapons of mass destruction. The US has been seeking isolation of Iran for its uranium enrichment and nuclear proliferation that it believes could lead to Tehran making nuclear bombs.
The FATF group in its plenary meeting held in Paris from 15 to 17 February 2012 approved combating the financing of the proliferation of weapons of mass destruction through the consistent implementation of targeted financial sanctions when these are called for by the UN security council.
Minister of state for finance Namo Narain Meena, in response to a Parliament question on Friday, said that “as a member of FATF, India was a party to the approval of the revised recommendations and is committed to its implementation.”
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