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Source: The post is based on the article “Ahead of FATF review, Centre takes measures to implement suggestions” published in “The Hindu” on 6th November 2023
Why in the News?
Before India’s upcoming evaluations by the Financial Action Task Force (FATF), the Government of India has implemented several measures in line with the recommendations of FATF from its 2010 review.
What is the Financial Action Task Force (FATF)?
| Specifications | Details |
| Established in | 1989 by G7 |
| Type | Inter-governmental body |
| Purpose | It leads global action to tackle money laundering, terrorist and proliferation financing. |
| Members | 39 members. 37 jurisdictions and 2 regional organizations (the Gulf Cooperation Council and the European Commission) |
| India and FATF | India joined with ‘observer’ status in 2006 and became a full member of FATF in 2010. |
| Secretariat | OECD headquarters in Paris,France |
| FATF Sessions | FATF Plenary is the decision making body of the FATF. It meets three times per year |
| Listing by FATF | Grey List: Countries that are considered a safe haven for supporting terror funding and money laundering are put in the grey list. This inclusion serves as a warning to the country that it may enter the blacklist |
| Black List: Countries known as Non-Cooperative are put in the blacklist. These countries support terror funding and money laundering activities. As of now, Iran, North Korea and Myanmar are the three black listed countries. |
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