India gets membership of the Eurasian Group, EAG, on Anti-Money Laundering, AML and Combating the Financing of Terrorism, CFT. EAG is a Financial Action Task Force, FATF, styled regional body, responsible for enforcing global standards on anti-money laundering and combating the financing of terrorism. An official release says, the decision to apply for the membership was taken by the Finance Minister, Mr. Pranab Mukherjee in this month. The support for India's membership was unanimous. The Plenary meeting of the Eurasian Group is currently underway in Moscow. India is the 9th member of the group. The other members are Russia, China, Turkmenistan, Serbia, Tajikistan, Uzbekistan, Belarus and Kazakhstan. The group also has 16 nations and 15 organizations as observers. The role of the member nations of the group in achieving AML and CFT goals is of particular significance in the view of their geographical location which is close to the epicentre of terrorism. In addition to playing its own role in fighting terror, India is committed at the highest levels of the Government to adopt, enforce and contribute to international best practices in AML and CFT.
News On AIR | December 15, 2010 9:08 PM
India gets EAG membership