T Raja Kumar appointed chairman of Financial Action Task Force
On 01 July, 2022, T Raja Kumar, a resident of Singapore, has taken over as the chairman of the Financial Action Task Force (FATF). His appointment is for a fixed tenure of two years.
Raja Kumar has replaced Dr. Marcus Pleyer of Germany. He was elected in March 2022. Mr. Raja is the leader of the FATF Mission to Singapore since 1 January, 2015. Since July 2018, he has also been a member of the Steering Group, who advises the FATF President.
▪️ Financial Action Task Force-FATF
FATF is an intergovernmental body established in 1989 during the G7 summit in Paris. It assesses the strength of a country's anti-money laundering and counter-terrorism financing infrastructure, although it does not interfere in individual matters.
Its purpose is to set standards to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system,nand to promote the effective implementation of legal, regulatory and operational measures.
Its secretariat is located at the Organization for Economic Co- operation and Development (OECD) headquarters in Paris. The FATF currently has 39 members, including two regional organizations - the European Commission and the Gulf Cooperation Council. India is a member of FATF. The FATF Plenary is the decision-making body of the FATF. Its sessions are held three times a year.