New Delhi: India on Monday said it is actively
seeking membership of the Financial Action Task Force (FATF),
an inter-governmental body for promoting policies to combat
money laundering and terrorist financing.
To qualify for membership, India has to undergo an
evaluation process.
"India`s mutual evaluation is scheduled to be held in
November-December 2009. If that is successfully completed,
then India`s case for membership may come up before the FATF
plenary meeting in early 2010," the Finance Ministry said in
its annual report for 2008-09.
The FATF has issued 49 recommendations providing a
comprehensive plan to prevent money laundering and set out the
basic framework to detect, prevent and suppress financing
terrorist acts.
Under a mutual evaluation process, applicant-countries
are evaluated and finally rated as compliant, partially
compliant, largely compliant or non-compliant against each of
the 49 criteria.
The report said that membership of the FATF has
advantages for Indian financial institutions in their
international operations.
It added after the 9/11 attacks on the World Trade
Centre, India joined the comity of nations in combating terror
financing.
India`s efforts in this regard include committing itself
to combat the finance of terror, implementing UN Security
Council Resolutions, participating in the UN counter terrorism
committee and setting up a Financial Intelligence Unit, the
report said.
India is also engaged in exchanging information relating
to terrorist financing with other countries and enacting laws
to stem the spread of terrorism, the report said.
Bureau Report
