New Delhi [India], March 24 (ANI): The Financial Action Task Force (FATF) Private Sector Collaborative Forum (PSCF) 2025 will be held from March 25 -27 March in Mumbai. The forum is being hosted by the Reserve Bank of India (RBI) and the Department of Revenue, reaffirming India’s responsible leadership in global efforts to combat money laundering and terrorist financing.
According to an official release, FATF President Elisa de Anda Madrazo will formally inaugurate the PSCF 2025 on March 26, with Reserve Bank of India (RBI) Governor Sanjay Malhotra presiding over the event. The Indian delegation to PSCF is a multi-disciplinary team led by Vivek Aggarwal, Additional Secretary (Revenue), Ministry of Finance.
India’s participation in FATF initiatives has been widely recognised.
India is a member of steering group of FATF and also co-chairs a working group on Risks, Trends and Methodologies work group. In November 2024, India hosted the plenary of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) in Indore.
In June 2024, India’s FATF Mutual Evaluation Report was tabled at the FATF Plenary in Singapore and subsequently released in September 2024. The country achieved the best possible outcome by being placed in ‘regular follow-up,’ a status that only a few countries have attained in their Mutual Evaluations.
The upcoming PCSF event is another milestone in India’s journey in its efforts in curbing money laundering and terrorist financing. The PSCF is an annual event that provides a critical platform for dialogue between FATF member countries, international organisations, and private sector stakeholders. It aims to enhance the implementation of FATF’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) standards by fostering collaboration, exchanging best practices, and addressing emerging global challenges.
This year’s forum will see participation from countries across FATF’s Global Network, along with representatives from financial institutions, designated non-financial businesses and professions (DNFBPs), virtual asset service providers (VASPs), international organisations, and academia.
The PSCF 2025 agenda reflects global priorities, including payment transparency, financial inclusion, and digital transformation of financial systems. With financial crimes evolving due to technological advancements — such as cryptocurrency-related laundering — India’s expertise in leveraging technology and fostering a risk-based approach offers valuable insights for the international community. By hosting this significant event, India reinforces its commitment to FATF’s global standards.
Over the next three days, discussions at the forum will revolve around several critical issues shaping the global AML/CFT landscape. Participants will explore how FATF can continue to address evolving threats while promoting financial inclusion through robust, risk-based supervision of regulated entities. The dialogue will also focus on enhancing transparency in beneficial ownership and leveraging digital tools to strengthen AML/CFT compliance mechanisms.
Information-sharing practices within the private sector will be evaluated to identify ways to better address emerging financial crime threats. Furthermore, the forum will engage in deliberations on emerging terrorist financing and proliferation financing risks, emphasising the need for measures that reinforce global resilience against these challenges. (ANI)
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