US welcomes India joining Financial Action Task Force

New Delhi, July 3 (Calcutta Tube) The US Saturday welcomed the membership of India in the Financial Action Task Force, an inter-governmental organisation to fight money laundering and terror financing.

A US embassy press release issued here had a congratulatory message from the Charge d’Affaires, Steven J. White. ‘We welcome India as a full member of the FATF, and we look forward to working more closely with India on these important issues,’ he said.

India was granted the membership at the third plenary meeting of FATF held in Amsterdam, the Netherlands, from June 23 to 25. India is the 34th country to join the organisation.

White noted that India has made ‘significant progress over the last several years in moving toward an anti-money laundering and terrorist financing (AML/CFT) regime that meets international standards, and has committed itself to continue to improve its AML/CFT system.’

He added that chasing funding of terror activities was an increasing area of cooperation between the two nations.

‘Pursuit of terror finance is a critical component of our broader counter-terrorism efforts, in which the United States and India increasingly work together shoulder-to-shoulder,’ said White.

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