Synopsis
The FATF PSCF 2025 in Mumbai will address global priorities like financial inclusion and cyber threats, showcasing India's role in combating money laundering. The event will feature key stakeholders from various sectors discussing evolving financial crime challenges.Key Takeaways
- India's role in global financial security.
- Discussion on payment transparency and fintech innovations.
- Participation from international representatives.
- Focus on evolving financial crime threats.
- Assessment of private sector information-sharing practices.
New Delhi, March 24 (NationPress) Reinforcing India’s pivotal role in the international fight against money laundering and terrorist financing, the Financial Action Task Force (FATF) Private Sector Collaborative Forum (PSCF) 2025 is scheduled to take place in Mumbai from March 25-27, as announced by the government on Monday.
Organized by the Reserve Bank of India (RBI) and the Department of Revenue, Ministry of Finance, the 'PSCF 2025' aims to align with global priorities, such as payment transparency, financial inclusion, and the digital transformation of financial systems.
The FATF President, Elisa de Anda Madrazo, will officially inaugurate the 'PSCF 2025' on March 26, with RBI Governor Sanjay Malhotra overseeing the event.
The Indian delegation to the PSCF comprises a multi-disciplinary team led by Vivek Aggarwal, Additional Secretary (Revenue), Ministry of Finance.
India holds a position on the steering group of FATF and co-chairs a working group focused on risks, trends, and methodologies.
Last November, India hosted the plenary session of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) in Indore.
In June, India’s FATF Mutual Evaluation Report was presented at the FATF Plenary in Singapore and was publicly released in September.
The country achieved the highest possible outcome by entering 'regular follow-up,' a status held by only a few nations in their mutual evaluations, according to the ministry.
The report emphasized India's advanced fintech ecosystem, innovations such as the Unified Payments Interface (UPI), and Aadhaar-enabled digital identity verification, alongside proactive inter-agency coordination.
This year's forum will witness participation from countries across FATF's global network, as well as representatives from financial institutions, designated non-financial businesses and professions (DNFBPs), virtual asset service providers (VASPs), international organizations, and academia.
Attendees will examine how FATF can continue to tackle emerging threats while fostering financial inclusion through comprehensive, risk-based supervision of regulated entities.
“The information-sharing practices within the private sector will be assessed to discover improved methods to address new financial crime threats,” stated the ministry.
