APG meet on money laundering in Colombo

 

In News

Policy frameworks on checking terror financing will be one of the issues to be taken at the Asia Pacific Group (APG) on Money Laundering meet, in which representatives of 41 countries, including India, participate in Colombo. The APG meeting is scheduled to be held from July 17 to 21.

Important discussion on

The Financial Action Task Force’s (FATF) initiatives on curbing money laundering and terror funding in different parts of the world will also be discussed. Among the participating member countries are Afghanistan, Bangladesh, Bhutan, Myanmar, Nepal, Singapore, Maldives, United States, Australia, Canada, China and Pakistan.

Major Concerns

  • Held in the backdrop of a spurt in terrorist activities, would also be attended by representatives of the Philippines, where security forces are currently engaged in a fierce battle with Islamic State-linked militants.
  • Indian agencies have taken strong measures and registered several terror financing cases in the recent past.
  • Following allegations of its failure in controlling the funding of terror outfits, the International Cooperation Review Group of FATF had requested the APG to furnish a follow-up report on Pakistan.

Asia/Pacific Group on Money Laundering

  • Financial Action Task Force’s (FATF) style regional body for the Asia/Pacific region.
  • It is an inter-governmental (international) organisation founded in 1997 in Bangkok, Thailand.
  • The APG consists of 41 member jurisdictions and a number of observer jurisdictions and international/regional observer organisations.
  • Objectives of the organization : assessing anti-money laundering/combating the financing of terrorism, supporting implementation of the international standards, conducting research and analysis into money laundering and terrorist financing trends and methods.

Source : The Hindu

GS II : Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests

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