http://www.hindu.com/2011/02/28/stories/2011022858731700.htm

NEW DELHI: 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.

According to an official statement here, Finance Minister Pranab Mukherjee on Friday approved India taking over as co-chair of the task force from Australia. “Through this position, India would send an important signal of its interest and commitment to counter money laundering and financing of terror both in the region and in terms of the nation's overall membership of FATF.”

At its February 23 meeting in Paris, the FATF plenary appreciated India's strong commitment to the international drive against money laundering and financing of terrorism.

The second review of India's ATR (action taken report) was discussed and the country reiterated its commitments to adopt, enforce and contribute to international best practices in anti-money laundering and counter-terrorist financing systems, the statement said.

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.