India becomes member of global financial action task force

New Delhi (IANS) India has become a full fledged member of the financial action task force (FATF), an inter-governmental organisation which creates policies to combat money laundering and terror financing, the government said Tuesday.

India was granted the membership at the third plenary meeting of FATF held in Amsterdam, the Netherlands, from June 23 to 25. India is the 34th country to join the organisation.

The FATF membership will help India coordinate its efforts against money laundering and financing of terrorism at the international level, said a finance ministry statement.

The membership is important for India as it seeks to be a major player in international finance.

"India will benefit in securing a more transparent and stable financial system by ensuring that financial institutions are not vulnerable to infiltration or abuse by organized crime groups," the statement said.

India had become an observer at FATF in 2006.