India Becomes Member of Financial Action task Force
India has become a member of elite global body Financial Action Task Force (FATF), a standard setting body to combat money laundering and terror financing. Membership of FATF has been granted to India in its Plenary held in Amsterdam, Netherlands from 23rd to 25th June, 2010. 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 organised crime groups.
Presently, 34 countries and two regional organisations, namely, European Commission and Gulf Cooperation Council are the members of FATF.
This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question raised in Rajya Sabha today.