India is set to hold the Vice-Presidency of the Financial Action Task Force (FATF) for the first time, with Vivek Aggarwal, a 1994-batch IAS officer of the Madhya Pradesh cadre and currently Secretary to the Government of India in the Ministry of Culture, having been elected and appointed to the position. The Vice-President is elected by the FATF Plenary from among its members and assists the President in steering the organization’s work. The appointment places an Indian official at the apex of the global standard-setting body for anti-money laundering and counter-terrorist financing.
A first for India
India’s rise to the Vice-Presidency reflects the credibility and trust the country has built within the FATF Global Network of more than 200 jurisdictions. It follows directly from India’s strong performance in its most recent Mutual Evaluation and from the country’s sustained contribution to shaping global policy on emerging risks, including those tied to virtual asset service providers and digital payments. Aggarwal will work toward consolidating India’s leadership within the FATF forum.
On 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.”
Revenue Secretary Arvind Shrivatsava described the development as a proud milestone and reaffirmed India’s continued commitment to strengthening the integrity of the international financial system.
About the FATF
The Financial Action Task Force is a Paris-based intergovernmental body that sets global standards to prevent money laundering, terrorist financing, and the financing of proliferation. The Presidency runs on a two-year term, with the Vice-President assisting the President in carrying out the organization’s mandate.
Key Takeaway: India’s election to the Vice-Presidency of the Financial Action Task Force (FATF) for the first time marks a significant milestone in the country’s engagement with the global anti-money laundering and counter-terrorist financing framework. The appointment of Vivek Aggarwal reflects international recognition of India’s robust regulatory framework, strong performance in the FATF Mutual Evaluation process and growing contribution to shaping global financial integrity standards.
M.C.Q.
Question 1: The Financial Action Task Force (FATF) is primarily concerned with:
- A. Promoting international trade
- B. Regulating global stock markets
- C. Combating money laundering and terrorist financing
- D. Managing global foreign exchange reserves
Question 2: India was recently elected to the Vice-Presidency of the Financial Action Task Force (FATF) for the:
- A. Second time
- B. Third time
- C. Fifth time
- D. First time
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