INDIA joined the Financial Action Task Force (FATF) as its 34th member
in June 2010. At present FATF has 36 members comprising of 34 countries and two
organizations namely, the European Union and the Gulf Cooperation Council. At
the time of joining FATF, India gave an Action Plan to overcome certain
deficiencies in a time bound manner. The items of the Action Plan were divided
into Immediate, short term and Medium term items, which were to be completed by
30.6.2010, 31.3.2011 and 31.3.2012 respectively. India has completed the
immediate and Short term Action Plan items within the stipulated time and the
same have been acknowledged by the FATF technical onsite team which visited
India in April 2011.
India
is participating in the Financial Action Task Force (FATF) plenary and working
group meetings being held in Mexico City, Mexico from 20-24 June 2011. The
plenary meeting discussed India´s Follow up Report of the FATF technical onsite
team which visited India in April 2011 to assess India’s fulfilment of its Short
term Action Plan and if it is on track to fulfil its Medium term commitments.
The FATF secretariat commended India's commitment to a strong Anti Money
Laundering/Combating Financing of Terrorism (AML/CFT) regime and acknowledged
that India has made significant progress on all action points as per the time
schedule. This view was shared by the FATF Plenary.
In the
Working Group meetings, India played an enhanced role as the co-chair of the
Asia Pacific Regional Review Group of FATF, reporting on Asia-Pacific nations’
compliance levels with the FATF´s recommendations.
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