Working Group for National Risk Assessment of sectors on cards

NEW DELHI: The government has decided to set up a Working Group (WG) of its leading agencies for a ‘National Risk Assessment’ of various sectors, based on a methodology formed by the World Bank. The step comes at a time when there is a heightened focus on issues of money laundering and black money with the Modi government promising to bring back black money stashed in banks abroad. ET has learnt that the Department of Revenue (DoR) had a meeting with officials of the home ministry and other agencies on August 3 to suggest following the World Bank methodology through setting up of a WG for a National Risk Assessment (NRA).

“The WG will be assisted by 8 teams — one each for threat from terrorist financing, vulnerability assessment for terrorism financing, banking sector, insurance sector, capital market section, other financial institutions, DNFPBS and financial inclusion,” a senior government official told ET. The home ministry and National Investigation Agency will be part of the WG. Other organisations expected to be a part of WG besides DoR are RBI, Financial Intelligence Unit , I-T department, SEBI, Insurance Regulatory Authority of India and ministry of corporate affairs. India aims to effectively implement the NRA process to mitigate any adverse effects of criminal economic activity.