New Delhi [India]: India has reaffirmed its strong support for the Financial Action Task Force, describing it as an indispensable pillar of the global fight against terrorism financing and money laundering.
The statement came after Pakistan criticised the FATF following the neighbouring country placement on the organisation’s grey list for increased monitoring.
Speaking at a UN event on the sidelines of Counter-Terrorism Week, India’s Permanent Representative to the UN, Ambassador P. Harish, said attempts to question FATF’s credibility reflect fear of scrutiny rather than genuine concerns. He said countries receiving adverse FATF assessments should address identified deficiencies and strengthen action against terror financing.
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Harish also outlined India’s efforts to strengthen its anti-money laundering framework, including tighter regulations for virtual asset service providers and cooperation with FATF on emerging financial risks.
It is notable that that Pakistan was put on the Financial Action Task Force’s (FATF) list of jurisdictions under increased monitoring, more commonly known as the “Grey List,” in 2018.
However, In October 2022, Pakistan was removed from the FATF Grey List due to significant improvements in the overall anti-money laundering (AML) / counter-terrorist financing (CFT) framework.
The Institute of Chartered Accountants of Pakistan (ICAP) was an active participant with government and other key stakeholders in making the necessary reforms to get Pakistan off the FATF Grey List.
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This case study profiles ICAP’s engagement with the reform journey in Pakistan and details the significant organizational changes that ICAP undertook to fill its new role as designated AML/CFT Regulator.
The Financial Action Task Force or the FATF is an inter-governmental decision making body. It was created in 1989 during the G7 Summit in Paris in response to the global concern over money laundering. Its current president is Marcus Pleyer as of the 1st of July 2020.
The policy body works towards bringing about a global legislative and regulatory revolution to money laundering. Additionally, since the occurrence of rising international terrorism such as 9/11 terror attacks in USA, the FATF has expanded to include such actions of terror finance under its governance.
Who are the members of FATF
The FATF currently comprises of 39 member jurisdictions and 2 regional organisations, representing most major financial centres in all parts of the globe.
What does the FATF do?
FATF scope primarily covers:
In setting international standards to combat money laundering and terrorist financing.
It assesses and monitors compliance with the FATF standards.
FATF also, conducts typologies studies of money laundering and terrorist financing methods, trends and techniques.
Finally, it responds to new and emerging threats, such as proliferation financing.
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