FATF
Financial Action Task Force (FATF) set up in 1989 is an inter-governmental policy-making body that sets international standards with an aim to prevent illegal activities {money laundering (ML), terrorist financing (TF) and and proliferation of weapons of mass destruction (WMD)} and the harm they cause to society. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating ML, TF and other related threats to the integrity of the international financial system. The FATF reviews ML and TF techniques of member countries and continuously strengthens its standards to address new risks, such as the regulation of virtual assets, etc.
Following the FATF recommendations India has enacted Prevention of Money Laundering Law, 2002 (PMLA) which came into effect from 01.07.2005. Directorate of Enforcement (ED) has been entrusted with the responsibility of executing the provisions of PMLA. India became a FATF member country in 2010. At present more than 200 countries and jurisdictions are committed to implement recommendations or standards set by FATF.
The FATF conducts mutual evaluations of its member countries by evaluating levels of implementation of the FATF Recommendations.
Last mutual evaluation of India was conducted in 2009 by FATF. Relevant links related to FATF in general & mutual evaluation of India in specific are as follows:-
