Finance Minister Nirmala Sitharaman has reaffirmed India’s political commitment to fight money laundering and terrorist financing as she appreciates the role of the Financial Action Task Force (FATF) global network in protecting of the global financial system.
Ms Sitharaman said this as she attended the FATF ministerial meeting held here alongside the 2022 International Monetary Fund (IMF) and World Bank Spring Meetings to discuss the strategic priorities of the Paris-based FATF for the years 2022-24. to endorse.
(FATF is an intergovernmental agency established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
At the meeting, Ms Sitharaman reaffirmed India’s commitment to combating money laundering, terrorist financing and proliferation financing, the Ministry of Finance said in a statement.
She also recognized and appreciated the FATF for their work on beneficial ownership transparency, asset recovery and the role of the FATF Global network in protecting the global financial system, it said.
The FATF ministerial meeting focused on providing strategic direction by ministers, by endorsing the FATF’s strategic priorities for the years 2022-24 and reinforcing the commitment of ministers to ensure appropriate funding for the implementation of the strategic priorities, according to the ministry.
The priorities are to strengthen the FATF’s global network, the FATF’s mutual evaluation systems, increase the transparency of the international beneficiaries, increase the ability to recover criminal assets more effectively, exploit digital transformation and ensuring sustainable funding for the FATF’s strategic priorities.
Ms Sitharaman supported the strategic priorities and said India is committed to providing the necessary resources and support to the FATF in its pursuit as a global alliance against money laundering, financing of terrorism and financing the proliferation of weapons of mass destruction the ministry said. †
The Paris-based FATF has graylisted Pakistan since June 2018 for failing to audit money laundering, leading to terrorist financing, and was given an action plan to complete it by October 2019.
Since then, Pakistan has remained on the FATF’s list for failing to comply with FATF mandates.