In a move, though not as relatively new as it is significant, the Financial Action Task Force (FATF) decided to place India in the “Regular Follow-Up” category, its highest rating category. For perspective, the FATF places the member countries into four groups: Regular follow-up, Enhanced follow-up, Grey list, and Black list (ordered from best to worst). With this, India joined the umbrella of France, Italy, and the UK. There is a comprehensive list of criteria which a member under evaluation needs to meet in order to find a place in the above list. A Press Information Bureau (PIB) update said, “This marks a significant milestone in the nation’s efforts to combat money laundering (ML) and terrorist financing (TF)”.
The FATF is the global money laundering and terrorist financing watchdog. This 40-member inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society. The Paris based multilateral was established in 1989. Globally, the FATF establishes parameters to ensure national authorities can effectively go after and nab illicit activities and funds linked drugs trafficking, arms trade, cyber fraud and other serious crimes. FATF’s mandates are concerned with the enduring issues of Money laundering, Terrorist Financing and the financing of Weapons of Mass Destruction.
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About the Author
Abhishek Kumar Singh is a Civil Engineering graduate with related professional experience. As an aspiring civil servant, Abhishek has developed a keen interest in different domains of public policy with sustainability as the underlying concern. He keeps a tab on national and international events that might have potential implications for India and the world at large.
