Sitharaman Reaffirms India’s Commitment to Combat Money Laundering and Terrorist Financing; praise the FATF

WASHINGTON (Reuters) – Finance Minister Nirmala Sitharaman reaffirmed India’s political commitment to combating money laundering and terrorist financing, appreciating the role of the FATF global network in safeguarding the system global financial.
Sitharaman said this as she attended the FATF ministerial meeting being held here alongside the 2022 spring meetings of the International Monetary Fund (IMF) and the World Bank to endorse the Paris-based Financial Action Task Force’s strategic priorities for the years 2022-24.
The Financial Action Task Force (FATF) is an intergovernmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
The Minister of Finance on Thursday gave his support to the strategic priorities and reiterated India’s commitment to provide the necessary resources and support to the FATF in its efforts as a global alliance against money laundering, the terrorism and financing the proliferation of weapons of mass destruction, the finance department said.
The Paris-based FATF has placed Pakistan on its gray list since June 2018 for failing to control money laundering, leading to the financing of terrorism, and has been given an action plan to finish it off by October 2019.
Since then, Pakistan continues to be on the FATF list due to its non-compliance with FATF mandates.
Sitharaman praised FATF Chairman Marcus Pleyer for the wise advice and leadership provided during the difficult times of the pandemic, he said.
“The FATF strategic priorities for 2022-24 are: to strengthen the FATF global network, the FATF mutual evaluation systems, to improve international transparency of beneficial ownership, to increase capacities for more effective recovery of criminal assets, leveraging digital transformation, ensuring sustainable funding for FATF strategic priorities,” the Ministry of Finance said on Twitter.
“FM reaffirmed India’s political commitment to combating money laundering, terrorist financing and proliferation financing.
“Also appreciated the FATF’s work on beneficial ownership transparency, the role of the FATF global network in safeguarding the global financial system,” he said in a series of tweets.
Sitharaman arrived in Washington on Monday for the IMF and World Bank’s 2022 spring meetings.
The FATF currently has 39 members, including two regional organizations – the European Commission and the Gulf Cooperation Council. India is a member of the FATF consultations and its Asia-Pacific Group.