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Fatf: Financial Action Task Force

• FATF is the global money laundering and terrorist financing watchdog set up in 1989 out of a G-7 meeting of developed nations in Paris.
• As of today, it is a 39-member body representing most major financial centres in all parts of the globe.
•  India joined with ‘observer’ status in 2006 and became a full member of FATF in 2010.

Objective:

• Initially, its objective was to examine and develop measures to combat money laundering.
• After the 9/11 attacks on the US, the FATF in 2001 expanded its mandate to incorporate efforts to combat terrorist financing.
• In April 2012, it added efforts to counter the financing of proliferation of Weapons of Mass Destruction (WMD).

FATF Recommendations:

• In April 1990, less than one year after its creation, the FATF issued a report containing a set of Forty Recommendations intended to provide a comprehensive plan of action needed to fight against money laundering.
  1. In 2004, the FATF published a Ninth Special Recommendations, further strengthening the agreed international standards for combating money laundering and terrorist financing - the 40+9 Recommendations.
  2. In 2012, the FATF revised its recommendations and expanded them to deal with new threats such as the financing of proliferation of WMD.
• Over 200 jurisdictions around the world have committed to the FATF Recommendations through the global network of nine FATF-Style Regional Bodies (FSRBs) and FATF memberships.

FATF Sessions:

• The FATF Plenary is the decision making body of the FATF.
• It meets three times per year.

If a country appears to have major deficiencies in its AML/CFT regime, it is put on a list of “jurisdictions under increased monitoring” - “grey list” and if it fails to address FATF concerns, it is put on a “high-risk jurisdictions” list - “black list”.

• AML/CFT refers to “Anti-Money Laundering/Combating the Financing of Terrorism”.

Consequences of Being Enlisted in FATF Lists: The enlisted countries are subjected to:

• Economic sanctions from financial institutions affiliated with FATF (IMF, World Bank, ADB etc.)
• Problem in getting loans from such financial institutions and countries
• Reductions in international trade
• International boycott

Unsc Counter Terrorism Committee

• It comprises all 15 UNSC members.
• Mandate: Tasked with monitoring the implementation of steps to enhance countries’ UNSC CTC’s special meeting held in India ended with the adoption of Delhi declaration.

About Delhi declaration
It called for:

• Issuing new set of non-binding guiding principles in countering digital terrorism threat.
• Counter terrorist exploitation of Information and Communications Technology (like payment technologies and misuse of drones etc).
• Countering use of technologies for terrorist purposes, while respecting human rights and fundamental freedoms.
• Deepen engagement with civil society, including women's organizations, private-sector entities etc. legal and institutional counter-terrorism abilities, at every level, locally and internationally.

Interpol 

• The General Assembly is the governing body and it brings all countries together once a year to make decisions.

Different Types of INTERPOL Notices: