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Pradeep Kumar

19/07/21 09:00 AM IST

FATF review of India put off again

In news

An evaluation by the global organisation Financial Action Task Force (FATF) to analyse the effectiveness of India’s anti-money laundering and countering terrorist financing regime has been postponed for the second time in view of the pandemic and is now slated to be initiated next year.

FATF
  • The schedule for FATF mutual evaluation has again been postponed from February 2021 and it is tentatively expected to begin in September 2022.
  • The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog.
  • The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society.
  • As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
  • The FATF has developed the FATF Recommendations, or FATF Standards, which ensure a co-ordinated global response to prevent organised crime, corruption and terrorism.
Functions
  • They help authorities go after the money of criminals dealing in illegal drugs, human trafficking and other crimes.
  • The FATF also works to stop funding for weapons of mass destruction.
  • The FATF reviews money laundering and terrorist financing techniques and continuously strengthens its standards to address new risks, such as the regulation of virtual assets, which have spread as cryptocurrencies gain popularity.
  • The FATF monitors countries to ensure they implement the FATF Standards fully and effectively, and holds countries to account that do not comply.
Source: The Hindu

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