Why in news?

• T Raja Kumar, a Singaporean, has been named president of the Financial Action Task Force (FATF), the world’s anti-money laundering and anti-terrorism financing agency. His appointment is for a set two-year term, which begins on July 1. During the FATF plenary, he was chosen to succeed Dr Marcus Pleyer of Germany.
• Mr Raja’s nomination marks the first time Singapore has assumed the president of the organization.
• Mr Raja is a senior advisor at MHA and has been the leader of Singapore’s FATF mission since January 1, 2015. Since July 2018, he has also been a member of the steering group, which advises the FATF president.
• The FATF is an intergovernmental organisation set up by the G7 in 1989to prevent and combat money laundering, terrorism, and proliferation finance.