Financial Action Task Force

                                           Financial Action Task Force

Recently, the Asian country has attended the virtual thirty-second special Eurasian cluster on Combating hiding and Finance Of Terrorist act (EAG) comprehensive meeting, underneath the aegis of the money Action Task Force.

Officials of the National Investigation Agency (NIA), social control agencies submitted details on terror funding.

The FATF's virtual comprehensive meet is scheduled to be hung on Twenty-fourth June 2020.

EAGLE

It is a regional body comprising 9 countries: Asian countries, Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan, Turkomen, Uzbekistan, and Byelorussia.

It is an Associate in Nursing associate member of the FATF.

Financial Action Task Force

The money Action Task Force (FATF) is an Associate in Nursing inter-governmental body established in 1989 throughout the G7 Summit in Paris.

The objectives of the FATF area unit are to line standards and promote effective implementation of legal, regulatory, and operational measures for combating hiding, terrorist finance, and alternative connected threats to the integrity of the international economic system.

Its Secretariat is found at the Organization for Economic Cooperation and Development (OECD) headquarters in Paris.

Member Countries: it consists of 37 member jurisdictions.

India is one in every one of the members.

FATF has 2 lists:

Gray List: Countries that area unit thought of shelter for supporting terror funding and hiding area unit place within the FATF gray list. This inclusion is a warning to the country that it's going to enter the blacklist.

Black List: Countries referred to as Non-Cooperative Countries or Territories (NCCTs) area units placed within the blacklist. These countries support terror funding and hiding activities. The FATF revises the blacklist frequently, adding or deleting entries.

The FATF Comprehensive is that the decision-making body of the FATF. It meets thrice each year.

Key Points

FATF’S read on Crime amid Covid-19:

The FATF is active Observation the impact of the pandemic on measures to combat illicit finance free a paper on “Covid-19-related hiding and Terrorist finance Risks and Policy Responses”.

It determined a rise within the Covid-19 connected crimes, together with fraud, Cybercrime, misdirection, or exploitation of state funds or international money help.

India and FATF:

Ahead of the crucial meet on the twenty-fourth of June, the Asian country plans to share a lot of proof with the key FATF members on the narco-terror cases connected to Pakistan-based syndicates, through that fund's area unit allegedly being provided to the terrorists operating in Jammu and Jammu and Kashmir.

The social control board and also the National Investigation Agency are inquiring about many such cases.

Status of Pakistan:

Pakistan, which continues to stay on the “gray list” of FATF, had earlier been given the point until June 2020 to make sure compliance with the 27-point action arrange against terror funding networks and hiding syndicates, or face “black listing”.

However, thanks to the Covid-19 pandemic, the point has been shifted to Oct 2020.

Thank you