In the first part of this three article series, we discussed the
essence and magnanimity of the Financial Action Task Force (FATF)
as the global regulator of member countries for combating money
laundering and terrorist financing. We also touched upon the
constitution, role and responsibility of FATF and the benefits that
member jurisdictions gain by being a part of FATF. Undoubtedly
India is a prominent member of FATF and therefore abides by its
regulations and also reaps the benefits deriving from the same.
However, it is crucial that we understand India's journey
into being a full-fledged member of the FATF in light of its
history, with a view to better envisage and project the future
implications/repercussions for India.
