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The Financial Action Task Force, i.e. FATF (the Force), is the global money laundering and terrorist financing watchdog, established in 1989 and is based in Paris. The inter-governmental body formulates international standards aiming towards the prevention of these illegal activities and the harm caused by them to society. As a policy-making body, the Force works for generating the necessary political will for bringing about regulatory and national legislative reforms in these areas.
The 39-member body sets international standards for ensuring that the national authorities can effectively track the illicit funds linked to drugs trafficking, cyber fraud, the illicit arms trade and other serious crimes. In total, more than 200 jurisdictions and countries have committed to implementing the FATF’s Standards as part of a coordinated global response for the prevention of organised crime, corruption and terrorism.
The objectives of the Force are the protection of the financial systems and the broader economy from threats of the financing of terrorism and proliferation and money laundering, thereby strengthening financial sector integrity along with making a contribution to safety and security. It performs certain functions for the fulfilment of such objectives. The present article discusses the functions of FATF to provide clarity on the same.
The following functions are performed by the FATF for the fulfilment of the objectives and working as necessary with other international stakeholders-
India formulated the Prevention of Money Laundering Act 2002, effectuated from 1st July 2005, after following the recommendations of the FATF. India became its member in the year 2010, and since then, it has been committed to implementing the recommendations of the Force for combating the issue of money laundering in the country, thereby helping it in the fulfilment of its objectives for which the Force performs the functions discussed above.
Read our Article: What is FATF (Financial Action Task Force)?
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