India takes over as co-chair of Asia Pacific FATF

• India has taken over as co-chair of the Asia Pacific Regional Review Group of the Financial Action Task Force (FATF), an inter-governmental policy-making body which sets global standards to combat money laundering and terrorist financing.
• Macau is the other co-chair of the FATF group, which consists of more than 30 countries and has a ministerial mandate for establishing the standards.
• Alongside, India informed the plenary of the steps taken for fulfilment of a 2010-11 budget announcement. This pertained to the creation of the high-power Financial Sector Legislative Reforms Commission to look at all related legislation, regulations and rules with a view to making them synchronous with one another. During the plenary, it was observed that India was on track to fulfil its commitment, the statement said.
• The Asia Pacific Regional Review Group is one of the four international cooperation review groups of the FATF, the other three being Europe-Eurasia, America, Middle East and Africa.