Finance Minister Smt. Nirmala Sitharaman attends FATF Ministerial Meeting in Washington D.C.

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The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, attended the Financial Action Task Force (FATF) Ministerial Meeting on Thursday. The organization has recently published it’s analysis report named ‘Report on the state of effectiveness and compliance with the FATF Standards’.

The meeting, with members coming from 37 member countries & two regional organizations focused on Ministers’ providing strategic direction, by endorsing the FATF’s strategic priorities for the years 2022-24 and reinforcing Ministers’ commitment to ensure suitable funding for the delivery of the strategic priorities which are Strengthening the FATF Global Network,

Most countries have passed laws and regulations to tackle money laundering and terrorist financing but face major challenges to use them effectively, according to a new FATF report.

The Strategic Priorities for FATF for 2022-24 are: 

  • Strengthen the FATF Global Network
  • FATF systems of Mutual Evaluations
  • Enhance International Beneficial Ownership Transparency
  • Increase Capabilities to more effectively recover Criminal assets
  • Leverage Digital Transformation
  • Ensure Sustainable Funding for FATF Strategic priorities

According to PIB, ‘During the Meeting, the Finance Minister reaffirmed India’s commitment to fighting Money Laundering, Terrorist Financing and Proliferation Financing and acknowledged and appreciated FATF on their work on Beneficial Ownership Transparency, Asset Recovery, and the role of FATF Global network in safeguarding the global financial system.’

The meeting session held in conjunction with the World Bank Group and the International Monetary Fund’s Spring Meetings in 2022 focussed on Ministers’ providing strategic direction, by endorsing the FATF’s strategic priorities for the years 2022-24 and reinforcing Ministers’ commitment to ensure suitable funding for the delivery of the strategic priorities which are Strengthening the FATF Global Network.

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