india-attends-fatf-group-meeting-online-summay

Context: Indian officials, including representatives from enforcement agencies, recently attended a meeting, under the aegis of the Financial Action Task Force. 

More on the news:

  •  It was a ‘32nd special Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) plenary meeting’.
  • The FATF’s virtual plenary meet will be held on June 24.

The Eurasian group on combating money laundering and financing of terrorism (EAG)

  • The EAG is a regional body comprising nine countries: India, Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan and Belarus. 
  • It is an associate member of the FATF. 

The Financial Action Task Force (FATF)

  • It 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 organized crime, corruption and terrorism. 
  • 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.
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