New Delhi: In a significant development, Vivek Aggarwal, Secretary, Ministry of Culture, has been elected and appointed Vice-President of the Financial Action Task Force (FATF), according to an official statement. 

This is the first time that India will hold the Vice-Presidency of the FATF. Aggarwal will work towards solidifying India’s leadership in the FATF forum, the statement added.

“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,” said Aggarwal.

Aggarwal is a 1994-batch officer of the Indian Administrative Service (Madhya Pradesh cadre).

“India’s elevation to the Vice-Presidency reflects the credibility and trust the country has earned within the FATF Global Network of more than 200 jurisdictions,” according to the official statement. 

It builds directly on India’s strong showing in its most recent Mutual Evaluation, and on the country’s sustained contribution to shaping global policy on emerging risks, including those associated with virtual asset service providers and digital payments, the Finance Ministry statement added.

The Financial Action Task Force (FATF) is the Paris-based inter-governmental body that sets global standards to prevent money laundering, terrorist financing and the financing of proliferation. 

The FATF Presidency runs on a two-year term, and the Vice-President assists the President in carrying out the organisation’s mandate, according to the statement.

Arvind Shrivastava, Revenue Secretary, said it is a proud milestone and reaffirmed India's continued commitment to strengthening the integrity of international financial system.

The Vice-President of the FATF is elected by the FATF Plenary from among its members and assists the President in steering the organisation’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.

(IANS)