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Financial Action Task Force (FATF) (sets standards or '…
Financial Action Task Force (FATF)
China elected Vice-Chair
Pakistan put in Grey list
Intergovernmental policy making body to establish international standards for combating money laundering and terrorist financing
established in 1989 during G7 summit in Paris
39 member countries including India
FATF HQ :red_flag: in OECD HQ in Paris
in 2001, expanded to act against terror financing
sets standards or 'recommendations' for countries to follow
1st level Grey List
Terror Financing recommendation followup parts are low
2nd level Black List
Money laundering compliance are low
Non cooperative countries or territories
North Korea, Iran
India needs to make Money laundering a stand alone offence
To comply with FATF for Mutual Evaluation 2020
PMLA
Predicate offence oriented law
Producing Unlawful funds become the main offence
A crime that is a component of a more serious offence
Mutual evaluation
peer reviews of each member to assess levels of implementation of the FATF Recommendations