The GJEPC‘s significant contributions were recognized at a Revenue Department event on June 29th, which marked 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 ceremony, hosted at The Ashok Hotel in New Delhi, commemorated the completion of India’s FATF Mutual Evaluation (ME) process, with the final report being presented to the FATF plenary session on June 26, 2024.
India’s path through the FATF ME process necessitated a significant and coordinated effort. The Indian team, which included 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, approached the assessment with remarkable coordination and sincerity. This achievement is important given that numerous G20 countries, including the United States, China, Germany, Canada, and Japan, are on enhanced follow-up, while South Africa and Turkey are on the grey list.
Given the sensitivity of the gem and jewelry sector, the government wanted to ensure the Review Team’s satisfaction. As a result, the GJEPC was involved from the start, culminating in a formal presentation and talks with the Review Team in Delhi in November 2023. The GJEPC team, lead by Executive Director Mr. Sabyasachi Ray, provided a substantial presentation that detailed the numerous compliances followed by the trade.
The Review Team was completely happy with the GJEPC‘s efforts and contributions. In acknowledgment, the GJEPC was invited to the event, which featured the Hon’ble Minister of Finance and Corporate Affairs, Smt Nirmala Sitharaman, as Chief Guest. Other attendees included the Revenue Secretary, the DEA Secretary, and senior officials from CBIC, CBDT, DRI, Enforcement, and the RBI, among others.
Mr. Vipul Shah, Chairman of GJEPC, stated, “Our team’s dedication and thorough preparation have played a critical role in this successful review.” We are honored to have been recognized for our efforts and will continue to maintain the highest standards of compliance in our business.”