India to Host FATF Private Sector Forum in Mumbai

New Delhi, Mar 24 (PTI) India will host a FATF Private Sector Collaborative Forum (PSCF) 2025 from March 25-27 which will discuss issues of global priorities, like payment transparency, financial inclusion, and digital transformation of financial systems, the finance ministry said on Monday.

The forum will be hosted by the Reserve Bank of India (RBI) and the Department of Revenue, Ministry of Finance, in Mumbai.

It said that over the next three days, discussions at the forum will revolve around issues shaping the global anti-money laundering and countering terror financing landscape.

"Participants will explore how FATF can continue to address evolving threats while promoting financial inclusion through robust, risk-based supervision of regulated entities. The dialogue will also focus on enhancing transparency in beneficial ownership and leveraging digital tools to strengthen AML/CFT compliance mechanisms," the ministry said.

The PSCF 2025 agenda reflects global priorities, including payment transparency, financial inclusion, and digital transformation of financial systems.

With financial crimes evolving due to technological advancements — such as cryptocurrency-related laundering — India's expertise in leveraging technology and fostering a risk-based approach offers valuable insights for the international community.

"Information-sharing practices within the private sector will be evaluated to identify ways to better address emerging financial crime threats. Furthermore, the forum will engage in deliberations on emerging terrorist financing and proliferation financing risks, emphasising the need for measures that reinforce global resilience against these challenges," the ministry added.

The ministry further said FATF President Elisa de Anda Madrazo will formally inaugurate the PSCF 2025 on March 26, with Reserve Bank of India (RBI) Governor Sanjay Malhotra presiding over the event.

The Indian delegation to PSCF would be led by Finance Ministry Additional Secretary (Revenue) Vivek Aggarwal.

In June last year, global crime watchdog Financial Action Task Force (FATF) adopted the mutual evaluation report on India and placed the country in the "regular follow-up" category. The FATF hailed India for achieving a high level of technical compliance and said the country's efforts towards anti-money laundering (AML) and countering of terror financing (CFT) are achieving good results.

In a statement, the ministry said the upcoming PCSF event is another milestone in India's journey in its efforts to curb money laundering and terrorist financing.

The PSCF is an annual event that provides a critical platform for dialogue between FATF member countries, international organisations, and private sector stakeholders.

It aims to enhance the implementation of FATF's anti-money laundering and counter-terrorism financing (AML/CFT) standards by fostering collaboration, exchanging best practices, and addressing emerging global challenges.

"This year's forum will see participation from countries across FATF's Global Network, along with representatives from financial institutions, designated non-financial businesses and professions (DNFBPs), virtual asset service providers (VASPs), international organisations, and academia," the ministry said.