Mumbai to Host FATF Private Sector Collaborative Forum 2025
| Aspect | Details |
|---|---|
| Event | FATF Private Sector Collaborative Forum (PSCF) 2025 |
| Date | 25 to 27 March 2025 |
| Location | Mumbai, India |
| Organizers | Reserve Bank of India (RBI) and Department of Revenue, Ministry of Finance |
| Purpose | Strengthen Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) efforts |
| Participants | FATF member countries, financial institutions, DNFBPs, VASPs, international organizations, academia |
| India's Role | - Member of FATF Steering Group - Co-chair of Risks, Trends, and Methodologies Working Group - Hosted Eurasian Group (EAG) Plenary in Indore (November 2024) - Achieved 'regular follow-up' status in FATF Mutual Evaluation Report (June 2024) |
| FATF | - Established in 1989 in Paris - Initially focused on money laundering - Expanded mandate post-9/11 to include terrorist financing - Added countering WMD proliferation financing in 2012 |
| Money Laundering | - Placement: Introducing illicit funds into the financial system - Layering: Obscuring the origin of funds - Integration: Reintroducing laundered funds as legitimate |
| Terror Financing | - Estimated $2-4 trillion laundered annually - Concealed through charities and alternative remittance systems - Cryptocurrency poses regulatory challenges |