FATF’s PSCF 2025 Set for Mumbai

The Financial Action Task Force (FATF) is gearing up for its Private Sector Collaborative Forum (PSCF) 2025, scheduled to take place from March 25 to 27, 2025, in Mumbai. Hosted by the Reserve Bank of India (RBI) and the Department of Revenue, Ministry of Finance, this event underscores India’s pivotal role in the global fight against money laundering and terrorist financing. FATF President Elisa de Anda Madrazo will inaugurate the forum, with RBI Governor Sanjay Malhotra presiding over the proceedings.

India’s Commitment to Global Financial Security

India’s active participation in FATF initiatives has garnered international recognition. As a member of the FATF steering group, India co-chairs a working group focused on Risks, Trends, and Methodologies. In November 2024, India successfully hosted the plenary of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) in Indore. Furthermore, India’s Mutual Evaluation Report was presented at the FATF Plenary in Singapore in June 2024 and released in September 2024. The report highlighted India’s exemplary measures against money laundering and terrorist financing, placing the country in the ‘regular follow-up’ category—a status achieved by only a few nations.

The report praised India’s advanced fintech ecosystem, which includes innovations such as the Unified Payments Interface (UPI) and Aadhaar-enabled digital identity verification. These initiatives, along with proactive inter-agency coordination, have established India as a global benchmark for integrating technology with financial security.

Significance of PSCF 2025

The PSCF 2025 represents a significant milestone in India’s ongoing efforts to combat financial crimes. This annual event serves as a vital platform for dialogue among FATF member countries, international organizations, and private sector stakeholders. The forum aims to enhance the implementation of FATF’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) standards by fostering collaboration, sharing best practices, and addressing emerging global challenges.

Participants at this year’s forum will include representatives from various countries within FATF’s Global Network, financial institutions, designated non-financial businesses and professions (DNFBPs), virtual asset service providers (VASPs), international organizations, and academia. This diverse participation underscores the collaborative spirit of the event.

Agenda and Key Focus Areas

The agenda for PSCF 2025 aligns with global priorities, emphasizing payment transparency, financial inclusion, and the digital transformation of financial systems. As financial crimes evolve with technological advancements, including cryptocurrency-related laundering, India’s expertise in leveraging technology and adopting a risk-based approach will provide valuable insights for the international community. Hosting this significant event reinforces India’s commitment to upholding FATF’s global standards.

Over the course of three days, discussions will center on critical issues shaping the global AML/CFT landscape. Participants will explore how FATF can effectively address emerging 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 utilizing digital tools to strengthen AML/CFT compliance mechanisms.

Additionally, the forum will evaluate information-sharing practices within the private sector to identify strategies for addressing emerging financial crime threats. Deliberations will also cover risks associated with terrorist financing and proliferation financing, emphasizing the need for measures that bolster global resilience against these challenges.

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