India takes over as co-chair of Asia Pacific FATF group

New Delhi, Feb 26 (PTI) India has taken over as a
co-chair of Asia Pacific Regional Review Group of the FATF,
which sets international standards to combat money laundering
and terrorist financing.
The other co-chair of Financial Action Task Force (FATF)
group is Macau.
Indian Finance Minister Pranab Mukherjee on Friday
approved India taking over as a co-chair from Australia.
"Through this position, India would send an important
signal of its interest and commitment to countering money
laundering and financing of terror both in the region, as well
as in terms of the nation's overall membership of FATF," the
Finance Ministry said in a statement on Saturday.
FATF is an inter-governmental policy making body,
comprising of over 30 countries, that has a ministerial
mandate to establish international standards for combating
money laundering and terrorist financing.
Meanwhile, the FATF Plenary, held on February 23 in
Paris, appreciated the strong commitment demonstrated by India
to the international drive against money laundering and
financing of terrorism. The second review of India's Action
Taken Report was discussed by Plenary.
India reiterated its commitments to adopt, enforce and
contribute to international best practices in Anti-money
Laundering (AML) and Counter-terrorist Financing (CFT)
systems, the statement said.
In addition, India informed the Plenary of the steps taken
for the fulfilment of a budget announcement of 2010-11.
This related to the creation of the high powered Financial
Sector Legislative Reforms Commission to look at all the
related legislations, regulations and rules with a view to
making them synchronous with each other.
"During the plenary, it was observed that India is on
track to fulfilling its commitment," it added.
Asia Pacific Regional Review Group of the FATF is one of
the four International Co-operation Review Groups of the
grouping.
The others are, Europe-Eurasia, America, Middle East and
Africa. PTI