Banks are set to blacklist diamond houses, jewellers, and gem stores failing to disclose the ‘ultimate beneficial owners’ (UBOs) of trading partners. The move aims to verify foreign buyers, combat fraudulent exports, and expose rogue firms disguising irregular fund transfers through cross-border trades in precious stones. The Gem & Jewellery Export Promotion Council (GJEPC) is spearheading the effort to trace UBOs, with the initiative gaining momentum since the Nirav Modi-Mehul Choksi scam in 2019. The disclosure, already mandatory for GJEPC members, places responsibility on Indian firms to request UBO details from foreign counterparts. The state-owned ECGC’s insistence on UBO details could facilitate linking bank credit with offshore counterparties. The ongoing FATF assessment evaluates India’s anti-money laundering preparedness, influenced by the 2010 evaluation and Hindenburg report on Adani companies. The pandemic-induced delay shifts the mutual evaluation to 2023, with India recognized for progress in addressing AML deficiencies. Recent amendments and designations under the Prevention of Money Laundering Act strengthen the AML framework, involving professionals as ‘reporting entities’ for specified transactions.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}