Financial Action Task Force

Financial Action Task Force Latest News

Recently, India has been elected to the Vice-Presidency of the Financial Action Task Force (FATF) for the first time.

About Financial Action Task Force

• It is an independent intergovernmental body that develops and promotes policies to protect the global financial system against money laundering and terrorist financing.
• Origin
  • It was established in 1989 during the G7 Summit in Paris in response to a growing concern about money laundering.
  • In 2001, its mandate expanded to include terrorism financing.
• Headquarters: Paris, France.
• Members:FATF members include 40 countries, including the United States, India, China, Saudi Arabia, Britain, Germany, France, and the EU as such.
  • India became a member of FATF in 2010. 
  • In addition, over 200 jurisdictions around the world have committed to the FATF Recommendations through the global network of FSRBs and FATF memberships.
• FATF regularly publishes reports that raise awareness about the latest money laundering, terrorist financing, and proliferation financing techniques.
• Once a member, a country or organization must endorse and support the most recent FATF recommendations and commit to being evaluated by (and evaluating) other members.
• The FATF holds countries to account that do not comply with the FATF Standards.
• If a country repeatedly fails to implement FATF Standards, then it can be placed under the grey and black lists.
• The FATF recommendations are recognised as the global anti-money laundering (AML) and counter-terrorist financing (CFT) standard.

Source: PIB

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