Key Points
India hosts critical FATF Private Sector Collaborative Forum in Mumbai
Focuses on payment transparency and digital financial transformation
Multi-disciplinary team leads international collaboration
Highlights advanced fintech ecosystem and digital innovations
Hosted by the Reserve Bank of India (RBI) and the Department of Revenue, Ministry of Finance, the 'PSCF 2025' reflects global priorities, including payment transparency, financial inclusion and digital transformation of financial systems
FATF President Elisa de Anda Madrazo will formally inaugurate the 'PSCF 2025' on March 26, with RBI Governor Sanjay Malhotra presiding over the event.
The Indian delegation to PSCF is a multi-disciplinary team led by Vivek Aggarwal, Additional Secretary (Revenue), Ministry of Finance.
India is a member of steering group of FATF and also co-chairs a working group on risks, trends and methodologies work group.
In November last year, India hosted the plenary of Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) in Indore.
Earlier in June, India's FATF Mutual Evaluation Report was tabled at the FATF Plenary in Singapore and subsequently released in September.
The country achieved the best possible outcome by being placed in 'regular follow-up,' a status that only a few countries have attained in their mutual evaluations, according to the ministry.
The report highlighted the country's advanced fintech ecosystem, innovations like the Unified Payments Interface (UPI) and Aadhaar-enabled digital identity verification, and proactive inter-agency coordination.
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.
Participants will explore how FATF can continue to address evolving threats while promoting financial inclusion through robust, risk-based supervision of regulated entities.
"Information-sharing practices within the private sector will be evaluated to identify ways to better address emerging financial crime threats," said the ministry.
