Page 38 - Banking Finance April 2022

ARTICLE

FINANCIAL

ACTION TASK

FORCE :

ACHIEVEMENTS

AND CHALLENGES

T ask force FATF is the money laundering and develop measures to combat money laundering. After the

terrorist financing watchdog. As a policy-making
9/11 terror attacks in the US in 2001, the FATF expanded its
body, the FATF works to generate the necessary
mandate to incorporate efforts to combat terrorist financing,
political will to bring about national legislative and
counter the financing of proliferation of weapons of mass
regulatory reforms in these areas. It monitors countries to in addition to money laundering. In 2012 it added efforts to
ensure implementation of FATF standards fully and destruction.
effectively.
Composition and participation of FATF
Formation of FATF FATF members are the jurisdictions and organizations that

The FATF was established in 1989 by a group of seven (G- 7) have agreed to work together in the form of a task force
summit in Paris. The G-7 is an organisation made up of the towards a common objective laid out in this mandate. As of
world's seven largest advanced economy i.e. Canada, January 2021, FATF has 39 members including two regional
France, Germany, Italy Japan, the United Kingdom and the organizations - the European Commission and the Gulf
United States. FATF's initial aim was only to examine and Cooperation council.

Associate Members of FATF
About the author
Associate members are FATF Style Regional Bodies ( FSRBs),
Hartosh Kumar Srivastava as designated by the FATF, that participate in the work of
Faculty, the FATF, to achieve global implementation of the FATF
Union Bank of India recommendations the FATF relies on FSRBs in addition to it's
Staff Training Center, Hyderabad
own 39 members. The nine FSRBs have an essential role in

38 | 2022 | APRIL | BANKING FINANCE