Finance Minister Nirmala Sitharaman has reaffirmed India’s political dedication to combating cash laundering and terrorist financing as she appreciated the function of FATF international community in safeguarding the worldwide monetary system. Sitharaman stated this as she attended the FATF Ministerial Meeting performed right here alongside the 2022 Spring Meetings of the International Monetary Fund (IMF) and the World Bank to endorse the Paris-based Financial Action Task Force’s strategic priorities for the years 2022-24.
The Financial Action Task Force (FATF) is an inter-governmental physique established in 1989 to fight cash laundering, terrorist financing and different associated threats to the integrity of the worldwide monetary system.The finance minister on Thursday prolonged assist to the strategic priorities and reiterated India’s dedication to supply essential sources and assist to the FATF in its endeavor as a world alliance in opposition to cash laundering, terrorist financing and financing of proliferation of weapons of mass destruction, the Ministry of Finance stated.
The Paris-based FATF has positioned Pakistan on its gray listing since June 2018 for failing to examine cash laundering, resulting in terror financing, and was given a plan of motion to finish it by October 2019. Since then, Pakistan continues to be on the FATF’s listing on account of its failure to adjust to the FATF mandates. Sitharaman congratulated FATF President Marcus Pleyer for the in a position steerage and management offered by the difficult instances of pandemic, it stated.
“The Strategic Priorities for the FATF for 2022-24 are: Strengthen the FATF Global Network, FATF systems of Mutual Evaluations, Enhance International Beneficial Ownership Transparency, Increase Capabilities to more effectively recover Criminal assets, Leverage Digital Transformation, Ensure Sustainable Funding for FATF Strategic priorities,” the finance ministry stated on Twitter.
“FM reaffirmed India’s political commitment to fighting Money Laundering, Terrorist Financing and Proliferation Financing.“Also appreciated the work of FATF on Beneficial Ownership Transparency, the role of FATF global network in safeguarding global financial system,” it stated in a sequence of tweets.Sitharaman arrived in Washington on Monday for the IMF-World Bank Spring Meetings 2022.
The FATF at the moment has 39 members together with two regional organisations — the European Commission and Gulf Cooperation Council. India is a member of the FATF consultations and its Asia Pacific Group