Vivek Aggarwal, Secretary of the Ministry of Culture, has been elected as the Vice-President of the Financial Action Task Force (FATF), marking a significant development. This appointment is a first for India within the FATF, where Aggarwal aims to strengthen India’s position in the global forum. Recognizing India’s efforts in combating money laundering and terrorist financing, Aggarwal expressed his honor in serving and collaborating with the FATF Global Network for a secure international financial system.
Aggarwal, a 1994-batch officer of the Indian Administrative Service (Madhya Pradesh cadre), will represent India’s credibility and trust within the FATF Global Network comprising over 200 jurisdictions. India’s Vice-Presidency underscores its commendable performance in the recent Mutual Evaluation and its ongoing role in shaping global policies concerning evolving risks like virtual asset service providers and digital payments, as highlighted by the Finance Ministry.
The Financial Action Task Force (FATF), headquartered in Paris, establishes worldwide standards to combat money laundering, terrorist financing, and proliferation funding. The FATF Presidency operates on a two-year term, with the Vice-President supporting the President in executing the organization’s objectives, as outlined in the official statement. Arvind Shrivastava, Revenue Secretary, praised India’s achievement, emphasizing the nation’s dedication to fortifying the international financial system’s integrity.
The Vice-President of the FATF is chosen by the FATF Plenary from its members and aids the President in directing the organization’s activities. This appointment positions an Indian official at the pinnacle of the global authority on anti-money laundering and counter-terrorist financing.
