IBNS-CMEDIA: India will hold the position of Vice-President of the Financial Action Task Force (FATF) for the first time since joining the global anti-money laundering watchdog in 2010.
Vivek Aggarwal, a 1994-batch Indian Administrative Service (IAS) officer of the Madhya Pradesh cadre and currently Secretary, Ministry of Culture, Government of India, has been elected and appointed as the Vice-President of the FATF.
Who is the newly appointed FATF Vice-President?
According to an official government statement, the FATF Vice-President is elected by the FATF Plenary from among its members and works closely with the President in guiding the organisation’s activities and strategic priorities.
“The appointment places an Indian official at the apex of the global standard-setting body for anti-money laundering and counter-terrorist financing,” the statement said.
Reacting to his appointment, Aggarwal said: “This appointment is a recognition of India’s collective effort and of the strength of our anti-money-laundering and counter-terrorist-financing framework. I am deeply honoured to serve and look forward to working with the FATF Global Network to keep the international financial system safe, inclusive and resilient.”
What is FATF?
The Financial Action Task Force (FATF) is a Paris-based intergovernmental organisation that develops and promotes global standards to combat money laundering, terrorist financing and the financing of weapons proliferation.
The FATF Presidency operates on a two-year term, with the Vice-President supporting the President in advancing the organisation’s mandate and coordinating efforts across its global network.
Aggarwal’s appointment marks a significant milestone for India, reflecting the country’s growing role in shaping international financial governance and efforts to combat illicit financial flows.
