India joins Financial Action Task Force
After nearly five years of wait, India has finally become a full-fledged member of Financial Action Task Force. The FATF is an intergovernmental body responsible for setting global standards on anti-money laundering and combating financial terrorism.
AFTER NEARLY five years of wait, India has finally become a full-fledged member of Financial Action Task Force (FATF). The FATF is an inter-governmental body responsible for setting global standards on anti-money laundering and combating financial terrorism.
Having gained observer status way back in November 2006, India had been working towards gaining full-fledged membership from quite some time. The decision to grant India full member status was taken during the FATF’s plenary session held in Amsterdam during June23 to 25, 2010.
The global body chalks out policies to counter financial frauds and will enable India to have access to information on suspicious transactions made by Indians in Switzerland, China, United States of America and the United Kingdom.
Having gained observer status way back in November 2006, India had been working towards gaining full-fledged membership from quite some time. The decision to grant India full member status was taken during the FATF’s plenary session held in Amsterdam during June23 to 25, 2010.
Following its inclusion into the select club, India and its tax enforcement authorities ie, the Financial Intelligence Unit, the Enforcement Directorate, the Central Economic Intelligence Bureau and the Directorate of Revenue Intelligence would be able to access the vital information from member countries on money laundering and terrorist financing activities.
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