Why in News?
FATF has released a new global “Asset Recovery Guidance & Best Practices” to strengthen tracing, freezing and confiscation of criminal proceeds. India and the ED played a major role in drafting the standards, with Indian case examples cited in the document.
Description:
- FATF meetings in Paris discussing state-sponsored terrorism financing, especially related to Pakistan proxies → in news.
- FATF = intergovernmental body that sets global standards to prevent Money Laundering (AML) and Terror Financing (CFT).
- Established in 1989 at G-7 Summit (Paris).
- Mandate expanded in 2001 to include terror financing.
- Headquarters → Paris, France.
- FATF has 39 members (India, US, China, EU etc.).
- India became a member in 2010.
- Over 180 countries affiliated via FATF-style regional bodies (FSRBs).
- FATF issues global AML/CFT Recommendations & monitors compliance.
- Non-complying countries can be put on Grey List or Black List.
- Black list → currently includes North Korea, Iran & Myanmar.
- Blacklist consequences → no financial aid from IMF, WB, ADB, EU + sanctions + economic isolation.
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