Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman attended the FATF Ministerial Meeting in Washington D.C. on 21^st April 2022, conducted along-side the 2022 Spring Meetings of the World Bank Group and the International Monetary Fund (IMF).

This meeting focussed on Ministers’ providing strategic direction, by endorsing the FATF’s strategic priorities for the years 2022-24 and reinforcing Ministers’ commitment to ensure suitable funding for the delivery of the strategic priorities which are Strengthening the FATF Global Network, FATF systems of Mutual Evaluations, Enhancing International Beneficial Ownership Transparency, Increasing Capabilities to more effectively recover Criminal assets, Leveraging Digital Transformation, Ensuring Sustainable Funding for FATF Strategic priorities.

During the Meeting, the Finance Minister reaffirmed India’s commitment to fighting Money Laundering, Terrorist Financing and Proliferation Financing and acknowledged and appreciated FATF on their work on Beneficial Ownership Transparency, Asset Recovery, and the role of FATF Global network in safeguarding the global financial system.

Smt. Sitharaman extended support to the strategic priorities and said that India is committed to provide the necessary resources and support to FATF in its endeavour as a global alliance against money laundering, terrorist financing and financing of proliferation of weapons of mass destruction.

Anti money laundering commitment reinforces support for FATF strategic priorities and funding to enhance asset recovery and transparency. The ministerial communique endorses FATF strategic priorities for 2022-24-including strengthening the FATF global network, preserving Mutual Evaluations, advancing Beneficial Ownership Transparency, enhancing Asset Recovery, leveraging Digital Transformation, and ensuring Sustainable Funding-and records a national commitment to combat Anti Money Laundering, Terrorist Financing, and Proliferation Financing while providing resources and political support for FATF implementation.