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Financial Action Task Force
Recently, Financial Action Task Force (FATF), at its 5-day plenary decided to keep Pakistan on the Grey List. Consider the following statements about the FATF:
- The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 during the Group of Seven (G-7) Summit in Paris.
- Countries that are considered safe haven for supporting terror funding and money laundering are put in the FATF black list.
Choose the correct answer from the codes given below:
A |
Only 1
|
|
B |
Only 2
|
|
C |
Both 1 and 2
|
|
D |
Neither 1 nor 2
|
Your Ans is
Right ans is A
Your Answer Is Correct
Your Answer Is Wrong
Explanation :
- The Financial Action Task Force (FATF) was established by Group of Seven (G-7) countries in a Summit held in Paris in July, 1989.
- The FATF has developed a series of Recommendations that are recognised as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction. They form the basis for a co-ordinated response to these threats to the integrity of the financial system and help ensure a level playing field.
- First issued in 1990, the FATF Recommendations were revised in 1996, 2001, 2003 and most recently in 2012 to ensure that they remain up to date and relevant, and they are intended to be of universal application.
- The FATF's decision making body, the FATF Plenary, meets three times per year.
Objectives
- To set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
FAFT Lists
- Grey List: Those countries which are considered as safe haven for supporting terror funding and money laundering are included in this list. The inclusion in this list is not as severe as black listed. It serves as a warning given to the country that it might come in Black list in future.
- Black List: Only those countries are included in this list that FATF considers as non-cooperative tax havens for terror funding. These countries are known as Non-Cooperative Countries or Territories (NCCTs). Countries which are supporting terror funding and money laundering activities are placed in the Black list.
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