'India Inc can cut paperwork to raise overseas funds with good FATF rating'

The good FATF rating obtained by India will enable domestic companies to access overseas investments without going through elaborate background checks and enhanced due diligence process, highly placed sources said.

The global crime watchdog, FATF on Friday adopted mutual evaluation report on India and placed the country in "regular follow-up" category.

The Financial Action Task Force (FATF) hailed India for achieving high level of technical compliance. It said the country's efforts towards anti-money laundering (AML) and countering of terror financing (CFT) are achieving good results.

Sources said good rating by FATF means that the financial system and AML/CFT framework is robust.

"Indian companies accessing investments abroad will not be required to go through elaborate background checks and enhanced due diligence measures applicable to jurisdictions not placed in regular follow-up," a highly placed source said.

FATF places member countries in any of the four categories - regular