The global anti-money laundering watchdog, the financial Action Task Force (FATF) urged India on Thursday to speed up its prosecutions in financial fraud cases.

The Financial Action Task Force has acknowledged India's efforts but called for reducing pending money laundering cases and significant changes in prosecuting terror financing. The report highlights threats from extremist groups and stresses the need for better regulation of non-profits to prevent their misuse for terrorist financing.

India became a member of FATF in 2010 to help fight money laundering and terrorism financing and to secure a more stable and transparent financial system. In its latest report, FATF said India was "compliant" and "largely compliant" on 37 out of 40 parameters evaluated as part of its assessment.

The Financial Action Task Force (FATF) has recognized India's strides against money laundering and terrorism financing with a 'Regular Follow-up' rating. The FATF praised India's structural and institutional frameworks,

Global anti-money laundering and terror financing body FATF on Thursday launched its much-awaited mutual evaluation report on India, saying the county's systems were "effective" but "major improvements" were required to strengthen prosecution in these cases.