FATF was replaced by the G-7 countries together in 1989. Its headquarters are in the French city of Paris. The main work of this institution is to keep an eye on financial transactions. It also helps in keeping the international financial process clean.
Union Minister after a new study report of FATF (Financial Action Task Force) Anurag Thakur has attacked the Congress, the report has told how a Union Minister in the UPA government Priyanka Vadra A person was pressurized to buy the painting of This painting was bought for Rs 2 crore. Union Minister Anurag Thakur FATF The mention of the name of the Gandhi family in the report was shameful and said that the organization which till now was mentioned for keeping Pakistan in the gray list, is now in discussion about the Gandhi family.
In fact, FATF is a global organization whose main task is to monitor cases like Terror Funding and Money Laundering, it is a non-governmental international organization that prevents such cases by setting international standards, so that they cannot be misused. For this, this organization issues reports to the concerned countries and also keeps an eye on what action is being taken.
This is how FATF works
FATF was replaced by the G-7 countries together in 1989. Its headquarters are in the French city of Paris. The main work of this organization is to keep an eye on financial transactions. It also helps in keeping the international financial process clean, so that no country is involved in activities like money laundering. Although at the time of its establishment, its goals did not include Terror Funding, but after the 9/11 attack, its main objective was to keep an eye on Terror Funding and Money Laundering.
It keeps an eye on the financial transactions happening in all the countries and if needed it is investigated. The decision of which case to investigate is taken by a panel of the organization, which is also known as the FATF Plenary, the meeting of this organization is held three times a year. If any discrepancy is found in any transaction, the institution reports to the concerned country and monitors the progress on it.
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FATF can put in gray or black list on disturbance
In a way, FATF does not have any rights directly, but its report matters a lot. If a case of terror funding or money laundering comes to light in a country, then it puts any country in the gray or black list. It has a great impact on the economy of the concerned country. In fact, being put in the gray list by FATF means a country where terror funding and money laundering cases come to the fore on a large scale or are likely to come. FATF itself, along with the concerned country, tries to stop such cases, is monitored, is given a chance to prove such cases wrong, but if the concerned country is not able to stop such cases, it will be blacklisted. Are being given.
Disadvantages of Gray List-Black List
If FATF puts a country in the gray or black list, then its different effects are seen. In fact, the countries included in the gray list have to go through strict conditions for taking loans from any international institution, such as the World Bank, IMF, etc., and there is also a problem in trade. If put in the black list, no help is given from these institutions. Other countries shy away from doing business with such countries. However, this list keeps on getting revised from time to time and the names keep on increasing and decreasing.
Instructions from FATF to the concerned countries
To stop money laundering, terror funding, FATF also gives instructions from time to time to the concerned countries, including activating the concerned agencies and giving them enough power to stop the economic activities happening for illegal activities. Depriving criminals of their income. Enforcement of anti-money laundering policies and identification and prohibition of anonymous or illegal trade or transactions.
FATF and India
FATF, established by the G7 countries in 1989, has a total of 39 members and regional members, including the US, Russia, Britain and China. India joined this organization in 2006 as an observer. In 2010, India got full membership as the 34th member. The organization has three meetings every year, which are held in the months of February, June and October, in these meetings it is decided which country is to be kept in which list. The removal of the members who are already in this list is also discussed in this meeting.
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