Financial Action Task Force gives thumbs-up to demonetisation drive

The Finance Ministry in a tweet said that FATF has recognised the action India has taken to tackle illicit finance.

By: PTI | New Delhi | Published:November 11, 2016 4:22 pm
500 1000 rupee notes, rupee demonetisation, notes, Financial Action Task Force, David Lewis, Narendra Modi, Finance Ministry, news, latest news, currency exchange, India news, national news The government on Tuesday had demonetised the Rs 500 and Rs 1,000 notes as part of its efforts to clamp down against the black money, fake currency and terror financing. (source: PTI)

Global inter-governmental body FATF has lauded the demonetisation saying withdrawal of Rs 500 and Rs 1,000 notes was an “unprecedented” step. “Unprecedented action to clean currency in circulation. India is a valued member of FATF and global AML/CFT efforts,” FATF Executive Secretary David Lewis tweeted on Thursday.

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His tweet was in response to Prime Minister Narendra Modi’s tweet about the historic decision. The Finance Ministry in a tweet said that FATF has recognised the action India has taken to tackle illicit finance.

Financial Action Task Force (FATF) sets global standards for Anti Money Laundering and Countering Financing of Terrorism (AML/CFT) regulations for governments across the world. India has been its member since 2010. FATF’s recommendations are recognised as the global AML/CFT standard.

The government on Tuesday had demonetised the Rs 500 and Rs 1,000 notes as part of its efforts to clamp down against the black money, fake currency and terror financing.