Financial Action Task Force (FATF)
- The Financial Action Task Force (FATF), established in 1989 by the G7, is an intergovernmental organization focused on combating money laundering, terrorist financing, and related threats.
- It sets international standards, monitors compliance and issues guidelines to ensure effective anti-money laundering (AML) and counter-terrorist financing (CTF) measures.
- India has achieved an outstanding outcome in the 2023-24 mutual evaluation conducted by the Financial Action Task Force (FATF).
- The Mutual Evaluation Report of India, adopted at the FATF plenary places India in the regular follow-up category, a distinction shared by only four other G-20 countries.
- This marks a significant milestone in the nation’s efforts to combat money laundering (ML) and terrorist financing (TF).
- The FATF stated that India had reached a high level of technical compliance with its requirements.
- The country’s anti-money laundering (AML), countering the financing of terrorism (CFT), and counter-proliferation financing (CPF) regimes are achieving good results, including international cooperation, access to beneficial ownership information, use of financial intelligence, and depriving criminals of their assets.
Dig Deeper: Read about the Prevention of Money Laundering Act provisions and the Grey list of FATF.
