Govt notifies accounting, tax, financial crime compliance services as 'financial services' under IFSCA Act
As per the government notification, financial crime compliance services include services related to complying with Anti-Money Laundering norms, Countering the Financing of Terrorism measures, and Financial Action Task Force recommendations, among others.
The International Financial Services Centres Authority, established in April 2020, is headquartered at GIFT City, Gandhinagar. It is a unified authority for the development and regulation of financial products, services, and institutions in the International Financial Services Centre (IFSC) in India.
The government has notified book keeping, accounting, taxation, and financial crime compliance services as financial services under the International Financial Services Centres Authority Act of 2019.
As per a government notification dated January 18, the aforementioned services shall qualify as financial services as long as they are offered by units in an International Financial Service Centre regulated by the International Financial Services Centres Authority (IFSCA) to non-residents whose businesses are not formed by the splitting up, reconstruction, or reorganisation of a business already in existence in India.