आर्थिक कार्य विभाग DEPARTMENT OF Economic Affairs

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Indias Membership of Financial Action Task Force

Financial Action Task Force (FATF) is an inter-governmental body, responsible for setting global standards on anti-money laundering (AML) and combating the financing of terrorism (CFT). India became Observer at FATF in the year 2006. Since then, India has been working towards full-fledged Membership of FATF.

2. As a part of its Membership, a joint FATF / Asia Pacific Group Mutual Evaluation Team visited India in November-December, 2009 for on-site assessment of Indias compliance with the 40+9 Recommendations of FATF.

3. Mutual Evaluation Report on India and the Indias Membership issues were discussed in the third meeting of FATF Plenary-XXI held in Amsterdam, the Netherlands from 23rd to 25th June, 2010. FATF Plenary adopted the Mutual Evaluation Report on India on 24th June 2010 and on 25th June 2010 admitted India as 34th Country Member of FATF.

4. FATF membership is very important for India in its quest to become a major player in the International finance. It will help India to build the capacity to fight terrorism and trace terrorist money and to successfully investigate and prosecute money laundering and terrorist financing offences. India will benefit in securing a more transparent and stable financial system by ensuring that financial institutions are not vulnerable to infiltration or abuse by organized crime groups. The FATF process will also help us in co-ordination of AML/CFT efforts at the international level.

(Dr. K.P. Krishnan)
Joint Secretary to the Govt. of India
Tel 23092881

Press Information Bureau, Department of Economic Affairs, Ministry of Finance, North Block, New Delhi

DEA ID Note No. 1/10/EM/2009 pt II Dated the 29th June, 2010

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