Aadhaar to aid anti money laundering measures: FATF

New Update

BANGALORE, INDIA: The Financial Action Task Force (FATF) has appreciated the Aadhaar programme.


As per FATF, this initiative will not only help in financial inclusion in the country but will also tighten the anti money laundering measures in the country.

The FATF is an inter-governmental body established in 1989 by the G-7 countries and all the major economies of the world are its members. India became a member of FATF in 2010.

As per FATF, "If successfully implemented, it (Aadhar project) would be the first biometrically verified unique ID implemented on a national scale and would provide the 'identity infrastructure' for financial inclusion as well as for strengthening anti-money laundering and combating terrorist financing implementation," quoted a PTI report.

FATF also said, "Currently, many of India's poorest citizens do not have any ID cards, bank accounts or even addresses that they can use to obtain social services."