India, as a member of the Financial Action Task Force (“FATF”), is
actively participating in developing and promoting policies against
money laundering, terrorist financing, and the financing of weapons of
mass destruction. In line with FATF's objectives, member countries
review each other's anti-money laundering legislations. India is actively
prioritizing compliance with FATF Recommendations as its upcoming
mutual evaluation is tentatively scheduled for the end of this year.
Particularly, Recommendation 22 urges member countries to include
lawyers, notaries, independent legal professionals, and accountants
involved in the activities mentioned below in Notification dated May
3, 2023 as “Reporting Entities”. Recommendation 22 also addresses the treatment of trusts and company service providers
as reporting entities.