FATF Effective information sharing crucial | UPSC CURRENT AFFAIRS
FATF Effective information sharing crucial
Why in News?
- The Financial Action Task Force (FATF) has apprised about 400 experts from both the public and private sectors of the latest risk findings related to money laundering and terror funding.
- During its annual joint experts’ meet, attended by participants from various government agencies all over the world and international bodies such as the United Nations, the International Monetary Fund, the World Bank and Interpol, the FATF also informed them about solutions and its ongoing projects.
- Financial Action Task Force
- The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 during the G7 Summit in Paris.
- The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
- Its Secretariat is located at the Organisation for Economic Cooperation and Development (OECD) headquarters in Paris.
- Member Countries: it consists of thirty-seven member jurisdictions.
- India is one of the members.
- FATF has two lists:
- Grey List: Countries that are considered safe haven for supporting terror funding and money laundering are put in the FATF grey list. This inclusion serves as a warning to the country that it may enter the blacklist.
- Black List: Countries known as Non-Cooperative Countries or Territories (NCCTs) are put in the blacklist. These countries support terror funding and money laundering activities. The FATF revises the blacklist regularly, adding or deleting entries.
- The FATF Plenary is the decision-making body of the FATF. It meets three times per year.
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