Text of the Union Finance Minister Pranab Mukherjee’s Intervention Statement at FATF Ministerial Meeting in Washington D.C.

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....ext of the Union Finance Minister Pranab Mukherjee’s Intervention Statement at FATF Ministerial Meeting in Washington D.C. <br>News and Press Release<br>Dated:- 23-4-2012<br><BR>Press Information Bureau Government of India Ministry of Finance 21-April-2012 19:55 IST Text of the Union Finance Minister Pranab Mukherjee's Intervention Statement at FATF Ministerial Meeting in Washington D.C. Th....

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....e text of the Union Finance Minister Pranab Mukherjee's Intervention Statement at Financial Action Task Force(FATF) Ministerial Meeting in Washington D.C. today is as follows: India appreciates the efforts of FATF in issuing the new international standards to combat money-laundering, terrorist financing and proliferation financing. These new standards would help better address new threats to the ....

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....international financial system and provide stronger framework to act against criminals. We are convinced that implementation of these new standards by the global community will make financial systems more transparent, safe and robust. We fully share the view that due to integration of world economies and intermingling of the threats in the international business environment, no country can alone....

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.... meet the threats of money-laundering and terrorist financing. There is an ever growing need for international cooperation to deal with these threats that are increasingly acquiring international dimensions. We hope the new standards will improve the domestic and international cooperation amongst the agencies to combat these crimes. We have special concern that in cases of terrorist financing, st....

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....ronger and faster international cooperation should be encouraged. It is also important that systems are put in place to prevent and detect the misuse of formal and informal channels irrespective of the size of fund. The recommendations relating to transparency of legal entities and legal arrangements would help in promoting international cooperation in determining the controllers and beneficial o....

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....wners of legal structures. I am confident that FATF, while framing the assessment methodology, will take into account the diversities in the financial and legal structures of various countries and the implementation challenges that countries with lower capacities would have to face. India will fully contribute with member countries in developing suitable assessment methodology and procedures. In....

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....dia is committed to implement these recommendations in an effective manner and contribute towards the global efforts to ensure integrity of the financial system With these few words I reiterate India's support to FATF process and to the extended mandate being sought up to 2020. ***** DSM<BR> News - Press release - PIB....