India becomes member of Financial Action Task Force

July 27th, 2010 - 10:45 pm ICT by ANI  

New Delhi, July 27 (ANI): Minister of State for Finance Namo Narain Meena in written reply to a question raised in Rajya Sabha on Tuesday informed that India has become a member of elite global body Financial Action Task Force (FATF).

FATF is a standard setting body to combat money laundering and terror financing.

“Membership of FATF has been granted to India in its Plenary held in Amsterdam, Netherlands from 23rd to 25th June, 2010. It will help India to build the capacity to fight terrorism and trace terrorist money and to successfully investigate and prosecute money laundering and terrorist financing offences. India will benefit in securing a more transparent and stable financial system by ensuring that financial institutions are not vulnerable to infiltration or abuse by organised crime groups,” said the minister stated.

Presently, 34 countries and two regional organisations, namely, European Commission and Gulf Cooperation Council are the members of FATF, he added in his written reply. (ANI)

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