APG meet on money laundering in Colombo
Source : The Hindu
GS II : Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests
Why in News ?
APG meet on money laundering in Colombo. Policy frameworks on checking terror financing will be one of the issues to be taken at the Asia Pacific Group (APG) on Money Laundering meet, in which representatives of 41 countries, including India, participate in Colombo.
- The APG meeting is scheduled to be held from July 17 to 21.
Important discussion on
- The Financial Action Task Force’s (FATF) initiatives on curbing money laundering and terror funding in different parts of the world will also be discussed.
- Among the participating member countries are Afghanistan, Bangladesh, Bhutan, Myanmar, Nepal, Singapore, Maldives, United States, Australia, Canada, China and Pakistan.
Major Concerns
- Held in the backdrop of a spurt in terrorist activities, would also be attended by representatives of the Philippines, where security forces are currently engaged in a fierce battle with Islamic State-linked militants.
- Indian agencies have taken strong measures and registered several terror financing cases in the recent past.
- Following allegations of its failure in controlling the funding of terror outfits, the International Cooperation Review Group of FATF had requested the APG to furnish a follow-up report on Pakistan.
Asia/Pacific Group on Money Laundering
- Financial Action Task Force’s (FATF) style regional body for the Asia/Pacific region.
- It is an inter-governmental (international) organisation founded in 1997 in Bangkok, Thailand.
- The APG consists of 41 member jurisdictions and a number of observer jurisdictions and international/regional observer organisations.
- Objectives of the organization
- Assessing anti-money laundering/combating the financing of terrorism
- Supporting implementation of the international standards
- Conducting research and analysis into money laundering and terrorist financing trends and methods.
Financial Action Task Force
- Global money laundering and terrorist financing watchdog.
- The inter-governmental body sets international standards.
- It aims to prevent these illegal activities and the harm they cause to society.
- As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
- Functions
- FATF Standards which ensure a co-ordinated global response to prevent organised crime, corruption and terrorism.
- They help authorities go after the money of criminals dealing in illegal drugs, human trafficking and other crimes.
- The FATF also works to stop funding for weapons of mass destruction.
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See Also : Pakistan Setting Rules For FATF Norms