Lal Chand Money Laundering expert has studied FATF Report. Financial Action Task force is the world’s combined effort to erase out the money laundering and it’s after effects. With the increasing liberalism and the global trade agreements, laundered money is prevailing like an epidemic virus that holds the national and international economy with the growing pace of cyber and financial crimes. The world today is not fighting on borders but having a war on economic fronts. Lal Chand said that this emerging tension has brought into account the formation of FATF in 1989 by the cooperation of G-7 countries.

Lal Chand added that according to the forty recommendations given by Financial Action Task force, the four major themes including the investigation of cyber crime holds the strength of FATF. Every year, FATF publishes hundreds of reports to cover the global world regarding the ongoing scenario of money laundering and which country to be added on the grey or black list and which to be excluded. In the light of such reports, FATF has recently published a report giving the money laundering ratio of countries from low to high.

Annual report of FATF for the year 2017-18 indicates that FATF has worked in the domain of terrorist financing and all the signatories of this pact has been recommended to uphold the action against those laundering money for the sake of terrorism. Lal Chand said that the narrative of FATF calls for no money for terror in its summit held in Paris last year, accompanying the implementation of stringent laws against money laundering. The recent report has focused mainly on eliminating the ongoing risk of financing the terrorist organizations namely the Daesh and Al-Qaida-a clear factor of diminishing the world’s peace.

The most dynamic thing as per lal chand that the another important side of the FATF’s 2018 report is the focus on the credibility of judges and prosecutors plus the implementation of rule of law. The nature and occurrence of cyber crimes such as money laundering depends on the rule of law of the respective country. The stronger the laws would be, the less would be the chance of money laundering. Therefore, FATF has included to minimize the challenges faced by the prosecution of white-collar crimes, a deep look into the investigation process, the authority of judges and the enhancement of the inter-world cooperation against money laundering.

Furthermore, the innovative technologies to fight money laundering and terrorist financing also lies in the agenda presented by FATF’s report. In the FATF meeting of high officials, the inclusion of new technological industries like FinTech and RegTech has been made so that it would bring uniqueness into the digital world while controlling the cybercrimes. Also, the above-mentioned industries would be complying to the terms and conditions as per FATF rules in accordance with the AML features. Putting in a nutshell, the wide and the keen study of FATF’s annual reports gives the idea of combating the money laundering globally. Lal Chand Multiple Ways to Combat Money Laundering