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  • The Financial Action Task Force (FATF) is an intergovernmental organisation.

  • Whose mission is to set standards and promote the effective implementation of legal, regulatory, and operational measures to combat money laundering, terrorist financing, and other threats to the international financial system's integrity. 

  • The G7 Summit, which took place in Paris in 1989, gave birth to it.

  • The FATF is a policy-making organisation that collaborates with governments to implement national legislation and regulatory reforms in these areas.

  • FATF Grey List- Countries that are considered safe haven for supporting terror funding and money laundering are put on the FATF grey list. This inclusion serves as a warning to the country that it may enter the blacklist

  • FATF Blacklist- Officially called the “Non-Cooperative Countries or Territories (NCCTs), the FATF Blacklist is a list of countries that the FATF considers to be non-cooperative in the international fight against terrorist financing and money laundering. This list is regularly updated, with countries being either deleted off the list or new countries being added to the list.

FATF Countries (FATF Members):

  • There are 39 member countries in the FATF. 

  • India is a member of the organization since June 2010. It had earlier acquired ‘Observer’ status at FATF in 2006.

  • FATF suspended membership of the Russian Federation on 24 February 2023.

  • Headquarters – Paris, France 

  • The FATF Plenary is the decision making body of the FATF - meets three times per year.

Why in news?

  • The Supreme Court, in a special hearing on Thursday, extended Enforcement Directorate (ED) Director Sanjay Kumar Mishra’s tenure till September 15 to serve “public and national interest”.

  • The Centre moved an urgent application in the Supreme Court, saying Mr. Mishra’s presence in the saddle was crucial for the country to effectively sail through the ongoing evaluation by the Financial Action Task Force (FATF). The country’s international image was at stake, the Centre pleaded.



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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: FATF and ED UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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