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You Are Here: Home » Asia » India Joins Financial Action Task Force

India Joins Financial Action Task Force

Posted on admin on July 28, 2010 // Leave Your Comment

Flag of IndiaIndia 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 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 organizations, 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.

Source: pib.nic.in

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Tags: financial action task force, Financial Action Task Force on Money Laundering, Financial regulation, india, money laundering, Terrorist financing

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