FATF Ministerial Meeting in Washington D.C.
Union Minister for Finance & Corporate Affairs Nirmala Sitharaman attended the FATF Ministerial Meeting in Washington D C on April 21, 2022.
The meeting was held simultaneously with the 2022 Spring Meeting of the World Bank Group and the International Monetary Fund (IMF).
The meeting focused on providing direction to the ministers, by supporting the strategic priorities of the FATF for the year 2022-24.
This meeting focussed on the following points –
* to ensure suitable funding for the delivery of the strategic priorities which.
*FATF systems of Mutual Evaluations
*Enhancing International Beneficial Ownership Transparency,
*Increasing Capabilities to more effectively recover Criminal assets,
*Leveraging Digital Transformation
India extended support on these strategic priorities and reiterated India’s commitment to provide resources and support to FATF.
FATF Ministers will meet again in 2024.
The Financial Action Task Force (FATF) is the global money laundering and terrorist financing protector.
This inter-governmental body sets international standards which aim to prevent these types of illegal activities and the harm they cause to society.
It works to produce the necessary political will to bring about national legislative and regulatory reforms in these areas.
With more than 200 countries and jurisdictions it is committed to implementing them.
It was established in July 1989 by the G-7 Summit in Paris.
the FATF expanded its mandate In October 2001 to incorporate efforts for combat terrorist financing as well as money laundering.
It added efforts to counter the financing of proliferation of weapons of mass destruction in April 2012.
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