India has become a member of the Financial Action Task Force, FATF. It is a global body that chalks out policies to counter financial frauds and provides members access to information on suspicious transactions in countries including Switzerland, China, the US and the UK. The decision to include India as the 34th member country was taken during a FATF plenary session in Amsterdam last week and marks the end of India's nearly decade long wait for admission. During this period, India served as an observer at FATF.<br/><br/>The membership will also bring increased responsibility on Indian financial institutions and banks to comply with better business practices and strict adherence to reporting of financial transactions including suspicious ones.<br/>