India has reiterated its unwavering support for the Financial Action Task Force (FATF), calling it a cornerstone of the global framework to combat terrorism financing and money laundering. The strong endorsement comes amid criticism of the international watchdog by Pakistan after the neighbouring country faced renewed scrutiny over its compliance with global financial standards.
Addressing a United Nations event on the sidelines of Counter-Terrorism Week, India's Permanent Representative to the UN, P. Harish, stressed that the FATF remains an indispensable institution in safeguarding the integrity of the international financial system. He said attempts to undermine the credibility of the FATF often stem from a reluctance to accept international scrutiny rather than legitimate concerns about the organisation's functioning.
Harish asserted that countries receiving adverse assessments from the FATF should focus on addressing the deficiencies identified by the watchdog instead of questioning its credibility. He noted that strengthening mechanisms to curb terror financing and money laundering is essential for maintaining international peace, security, and financial stability.
His remarks came after Pakistan criticised the FATF following its placement on the organisation's grey list for increased monitoring. The grey list includes jurisdictions that have committed to resolving strategic deficiencies in their anti-money laundering and counter-terrorism financing systems under enhanced oversight. India's comments underscore its view that compliance with FATF standards is critical for building global confidence and preventing the misuse of financial networks by terrorist organisations and criminal syndicates.
Highlighting India's own efforts in strengthening financial oversight, Harish outlined several measures undertaken by the country to reinforce its anti-money laundering architecture. These include stricter regulations for virtual asset service providers, reflecting the growing importance of monitoring digital financial transactions and emerging technologies that could be exploited for illicit activities.
India has also been actively cooperating with the FATF to address evolving financial threats, including risks associated with cryptocurrencies, cross-border digital transactions, and new payment technologies. The country's regulatory initiatives aim to ensure that technological innovation is accompanied by robust safeguards against money laundering and terror financing.
The Indian envoy emphasised that global cooperation remains the most effective tool in tackling financial crimes that transcend national borders. He noted that institutions such as the FATF play a vital role in promoting transparency, encouraging information-sharing, and helping countries strengthen their legal and regulatory frameworks.
India has consistently advocated for stronger international action against terrorism in all its forms and has repeatedly highlighted the need to cut off financial support networks that sustain terrorist groups. By reaffirming its support for the FATF, New Delhi has once again underlined the importance of collective global efforts to ensure accountability and prevent financial systems from being exploited for unlawful purposes.
As financial crimes become increasingly sophisticated and technology-driven, India's message at the United Nations reinforces the need for nations to work together through credible international institutions like the FATF. The country's stance reflects its broader commitment to strengthening the global counter-terrorism architecture while encouraging all nations to meet internationally accepted standards in combating money laundering and terror financing.
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