Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
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.
Table of Contents
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)?
With the rising inflation rates and various other economic factors, wealthy Americans are incre...
Before approaching the new suppliers or any other third parties, you should always go for the v...
With the increasing landscape of Fintech Companies, it is increasingly vital that fintech compl...
This blog gives a detailed description through an audit report for industrial waste by examinin...
On 1st March 2024, the IRDAI came up with a notification via F. No. IRDAI/Reg/5/199/2024 for Bi...
Are you human?: 5 + 5 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
The Central KYC Registry is a centralized repository of KYC documents of customers who avail different services und...
18 Jan, 2021
Money laundering is the unlawful process of presenting "dirty" money as legitimate rather than ill-gotten and there...
23 Sep, 2021
Chat on Whatsapp
Hey I'm Suman. Let's Talk!