Curb Illegal Transactions

Fiscal discipline is an important element of sound and robust economic development. Rules and regulations are not only meant to maintain law and order but also curb illegal financial activities, particularly money laundering and terrorist financing. If the suspicious transactions occur surreptitiously, this hints at the high possibility of corruption, tax evasion, fraud and other kinds of financial crimes, which have negative consequences for the economic and social sectors. These days, international financial regulatory bodies monitor suspicious transactions and ask the country to take stringent measures against them. Failure to comply with their instructions and suggestions risks the country falling into the 'Jurisdictions under Increased Monitoring' - commonly known as the 'Grey List'.