India has taken over as a co-chair of Asia Pacific Regional Review Group of the FATF, which sets international standards to combat money laundering and terrorist financing.

The other co-chair of Financial Action Task Force (FATF) group is Macau.

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"Through this position, India would send an important signal of its interest and commitment to countering money laundering and financing of terror both in the region, as well as in terms of the nation's overall membership of FATF," the Finance Ministry said in a statement today.

FATF is an inter-governmental policy making body, comprising of over 30 countries, that has a ministerial mandate to establish international standards for combating money laundering and terrorist financing.

Meanwhile, the FATF Plenary, held on February 23 in Paris, appreciated the strong commitment demonstrated by India to the international drive against money laundering and financing of terrorism. The second review of India's Action Taken Report was discussed by Plenary.

India reiterated its commitments to adopt enforce and contribute to international best practices in Anti-money Laundering (AML) and Counter-terrorist Financing (CFT) systems, the statement said.

In addition, India informed the Plenary of the steps taken for the fulfillment of a budget announcement of 2010-11.

This related to the creation of the high powered Financial Sector Legislative Reforms Commission to look at all the related legislations, regulations and rules with a view to making them synchronous with each other.

"During the plenary, it was observed that India is on track to fulfilling its commitment," it added.

Asia Pacific Regional Review Group of the FATF is one of the four International Co-operation Review Groups of the grouping.

The others are, Europe-Eurasia, America, Middle East and Africa.

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