Published: 26th Jul, 2021
Financial Action Task Force (FATF) has postponed the analysis of the effectiveness of India’s anti-money laundering and countering terrorist financing regime, for the second time, because of the pandemic.
Context
Financial Action Task Force (FATF) has postponed the analysis of the effectiveness of India’s anti-money laundering and countering terrorist financing regime, for the second time, because of the pandemic.
About
About the Financial Action Task Force (FATF)
- The Financial Action Task Force (FATF) is aninter-governmental financial watchdog.
- It develops and promotes policies to combat money laundering and financing of terrorism.
- It is consisting of 39 countries with major financial centers in Europe, North and South America, and Asia and two international organizations have proposed a set of 40 recommendations to combat money laundering.
- FATF has developed the FATFRecommendations, or FATF Standards, which ensure a coordinated global response to prevent organized crime, corruption, and terrorism.
- On June 25, 2010,India became the 34th country member of FATF.
Key facts about the Financial Action Task Force (FATF) Review
- The FATF conducts “peer reviews of each member to assess levels of implementation of the FATF recommendations.
- It provides an in-depth description and analysis of each country’s system for preventing criminal abuse of the financial system.”
- The last such review of India was held in June 2010 and it is usually taken up again after 10 years.
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