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Financial Action Task Force (FATF) UPSC NOTE

 Why in news

  • India has achieved an outstanding outcome in the mutual evaluation conducted during 2023-24 by the Financial Action Task Force (FATF)

  • The Mutual Evaluation Report of India, which was adopted at the FATF plenary held in Singapore, places India in the “regular follow-up” category, a distinction shared by only four other G-20 countries.

Financial Action Task Force (FATF)

  • FATF is the global money laundering and terrorist financing watchdog set up in 1989 out of a G-7 meeting of developed nations in Paris.

  • Initially, its objective was to examine and develop measures to combat money laundering

  • After the 9/11 attacks on the US, the FATF in 2001 expanded its mandate to incorporate efforts to combat terrorist financing

  • In April 2012, it added efforts to counter the financing of proliferation of Weapons of Mass Destruction (WMD).

  • In April 1990, FATF issued a report containing a set of Forty Recommendations

  • In 2004, FATF published a Ninth Special Recommendations, (40+9 Recommendations)

  • Over 200 jurisdictions around the world have committed to the FATF Recommendations through the global network of nine FATF-Style Regional Bodies (FSRBs) and FATF memberships

  • The FATF Plenary is the decision making body of the FATF 

  • India -‘observer’ status in 2006 and full member of FATF in 2010

  • There are currently 40 members of the FATF; 38 jurisdictions and 2 regional organisations (the Gulf Cooperation Council and the European Commission)

  • Some important organisations that have observer status : IMF, ADB, World Bank, Interpol etc.

  • The FATF President is a senior official appointed by the FATF Plenary from among its members

  • The term of the President begins on 1 July and ends on 30 June two years after assuming office

  • The FATF Secretariat is located at the OECD headquarters in Paris

  • The FATF Plenary meets tri-annually - in February, June and October, to take stock of “Mutual Evaluation Reports” (MERs) of the countries it reviews.

  • If a country appears to have major deficiencies in its Anti-Money Laundering/Combating the Financing of Terrorism regime, it is put on a list of “jurisdictions under increased monitoring” - “grey list” 

  • If it fails to address FATF concerns, it is put on a “high-risk jurisdictions” list - “black list”



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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Financial Action Task Force (FATF) UPSC NOTE
Financial Action Task Force (FATF) UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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