Context:
India’s Vivek Aggarwal has been selected as Vice-President of the Financial Action Task Force (FATF) for July 2026–June 2027. He will succeed Giles Thomson of the United Kingdom, marking India’s first FATF vice-presidency.
Explanation:
- FATF is an intergovernmental global watchdog established in 1989 and based in Paris. It is not a United Nations body.
- It combats money laundering, terrorist financing and proliferation financing through international standards.
- Its 40 Recommendations cover preventive measures, beneficial ownership, asset confiscation, institutional coordination and international cooperation.
- FATF has 40 members, while its nine regional bodies extend its standards to over 200 jurisdictions.
- India became a full FATF member in 2010.
- FATF conducts Mutual Evaluations to assess countries’ technical compliance and effectiveness.
- The “Grey List” of FATF covers jurisdictions under increased monitoring. It currently contains 22 countries, including Nepal, Lebanon, South Sudan & Venezuela etc.
- The “Black List” of FATF refers to high-risk jurisdictions subject to a call for action and possible countermeasures. It currently contains only three countries – Iran, North Korea and Myanmar.
- The Vice-President assists the President and acts on the President’s behalf when necessary
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