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T Raja Kumar takes over as President of FATF

Tags: International Relations Person in news

T. Raja Kumar of Singapore has taken over the Presidency of the world’s top anti-money laundering organisation, Financial Action Task Force (FATF) on 1 July 2022.

Singapore has assumed the Presidency of the FATF for the next two years (July 2022-June 2024). 

T. Raja Kumar will be the FATF President for the next two years(July 2022-June 2024).

He succeeded Dr. Marcus Pleyer of Germany.

He has more than 35 years of leadership and operational experience in Singapore’s home ministry and police force.

FATF

The Financial Action Task Force was set up in 1989 on the recommendation of the Group of 7 Countries.

Function of FATF

  • The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. 
  • The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society.
  • The FATF reviews money laundering and terrorist financing techniques and continuously strengthens its standards to address new risks, such as the regulation of virtual assets.
  • India’s anti Money laundering law Prevention of Money Laundering Act (PMLA) 2002 is modelled on the standards of FATF.   
  • Total member countries of FATF is at present 39.
  • India became a member in 2010.

Headquarters: Paris, France 

 Important Full Form for Exam 

AML: Anti Money Laundering 

CFT: Combating Financing of Terrorism 


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