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China Elected as Vice President of FATF

Published on February 27, 2018
China has been elected as the vice-president of Financial Action Task Force (FATF) and India congratulated China for acquiring an important position in the global money-laundering watchdog.

FATF had in its plenary session on 23 February decided to put Pakistan back on the “grey list”, subjecting it to direct monitoring and intense scrutiny by the International Co-operation Review Group (ICRG) on terror financing, pending a further review in June.

Indian foreign ministry spokesman Raveesh Kumar tweeted :
“Congratulations to China on its election as Vice President of Financial Action Task Force at the#FATF plenary mtg. on 23 February 2018. We remain hopeful that China would uphold & support the objectives & standards of FATF in a balanced, objective, impartial & holistic way(sic).”

Notably, in the past, China, serving as a permanent UN Security Council member, has single-handedly blocked resolutions to get Jaish-e-Mohammed chief Maulana Masood Azhar, designated a terrorist, despite resolutions moved by India and the US.
China has also blocked India’s entry into the elite Nuclear Suppliers Group, despite appeals by India at the highest levels.

What is FATF?

  • Financial Action Task Force on Money Laundering or FATF was formed in 1989 during G7 Summit in Paris in order to tackle the problem of money laundering. FATF was assigned the task to study money laundering trends and monitoring legislative, financial and law enforcement activities taken at the national and international level. At the time of its formation, FATF had 16 members, which by 2016 had grown to 37.
  • In its first year, FATF issued a report containing forty recommendations to more effectively fight money laundering. These standards were revised in 2003 to reflect evolving patterns and techniques in money laundering. The FATF's primary policies issued are the Forty Recommendations on money laundering from 1990 and the 9 Special Recommendations (SR) on Terrorism Financing (TF).
  • The mandate of the organisation was expanded to include terrorist financing following the September 11 terror attacks in 2001.

Expected Questions

Financial Action Task Force was formed during which of the following summits?
a. G8
b. G6
c. G5

Financial Action Task Force on Money Laundering or FATF is headquartered in
a. Singapore
b. Paris
c. Tokyo
d. Seoul

Financial Action Task Force on Money Laundering or FATF was formed in 1989 during G7 Summit in Paris in order to tackle the problem of 
a. Economic Depression
b.Inflation-Deflation trends
c. Money laundering
d. Price and Demand Trends
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