Asia Pacific Group on Money Laundering (APG) is an intergovernmental organization established with the objective of implementing international standards against money laundering. It was established in 1997. It is headquartered in Sydney, Australia. Currently it has 41 nations as its members. Australia is the permanent Co-chair of APG.
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Is India a Member of Asia Pacific Group?
India became a member of APG in 1998. APG has 2 Co-chairs, one permanent and one two year term rotating co-chair. India held the rotating 2 year term Co-chair from 2010 to 2012. India has enacted anti-money laundering and terrorist financing legislation. India has even established a Financial Intelligence Unit to detect fraudulent financial activities.
What is the Financial Action Task Force (FATF)?
Financial Action Task Force (FATF) is an intergovernmental organization formed with the initiative of G7 countries in 1989. It was formed with the objective of combating money laundering. FATF is headquartered in Paris, France. 37 countries are members of the FATF, and 2 regional organisations European Commission and Gulf Cooperation Council are also members of FATF. From 2000, FATF started issuing a list of countries that does not cooperate with international efforts to combat money laundering and financial terrorism.
How Many Countries are in the FATF Blacklist?
As of February 2020, 2 countries are in FATF blacklist i.e. North Korea and Iran and 18 countries are in the FATF Grey List. Pakistan, Myanmar, Mongolia, Zimbabwe, Yemen, Syria are some of the countries listed in the FATF greylist.
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