FM Nirmala Sitharaman Meets former FATF President T Raja Kumar in Singapore
By : Madhusudan Sahoo
Update: 2024-08-26 13:10 GMT
New Delhi: Ahead of the second round of the India-Singapore Ministerial Roundtable (ISMR), Union finance minister Nirmala Sitharaman on Monday met former Financial Action Task Force (FATF) president T Raja Kumar in Singapore and discussed about the past and future collaborations, highlighting India’s role in combating financial crimes. The meeting also served as a platform for discussing the future direction of the FATF and India’s role within the organisation. With evolving global financial landscapes and emerging challenges, India’s active participation in the FATF remains pivotal in strengthening international financial systems.
The FATF is an intergovernmental organisation to combat money laundering and terrorist financing. It has played a fundamental role in shaping global financial regulations. However, the meeting coincided with the India-Singapore ministerial roundtable, emphasising mutual economic cooperation and development. The ISMR meeting is expected to highlight the continuous efforts of both countries to enhance their economic cooperation and address global financial issues collectively. The meeting also functions as a platform to discuss the future direction of the FATF and India’s involvement within the organisation.
“Union Finance Minister Smt. @nsitharaman met former FATF President Mr T Raja Kumar, in Singapore, today. The Union Finance Minister congratulated Mr Raja Kumar for completing a successful tenure as the President of FATF @FATFNews. FM Smt. @nsitharaman appreciated Mr Raja Kumar for his fair conduct of FATF proceedings during discussions and adoption of India's Mutual Evaluation Report. They also exchanged views about the future of FATF and India's role in the FATF,” the finance ministry posted X (formerly Twitter).
Amid much-talked about issue of the financing of terrorism globally, Sitharaman led a high-level meeting with Singapore President Tharman Shanmugaratnam and Prime Minister Lawrence Wong, comprising her own cabinet colleagues Union ministers Piyush Goyal, S Jaishankar and Ashwini Vaishnaw ahead of the second round of the ISMR in Singapore. The Roundtable is expected to further cultivate dialogue and strategic partnerships between the two nations, focusing on shared growth and development.
During the meeting, several bilateral issues would also be discussed, including the strong partnership between India and FATF, highlighting the past collaborations and future blueprints as India’s mutual evaluation report, a document adopted during Kumar’s presidency, evaluates the efficiency of the country’s measures against money laundering and the financing of terrorism.