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Financial Action Task Force

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Financial Action Task Force

Consider the following statements with reference to the Financial Action Task Force (FATF):

The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions.
The FATF's decision making body, the FATF Plenary, meets two times per year.

Which of the statement(s) given above is/are correct?

	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 in July 1989 by the Group of Seven (G-7) Summit in Paris, initially to examine and develop measures to combat money laundering.
The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terror financing and other related threats to the integrity of the international financial system.
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 coordinated 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.

Related Question

Group Of Seven (G7)

Consider the following statements about Group of Seven (G7):

The Group of Seven (G7) is an inter-governmental political forum consisting of Canada, France, Germany, Israel, Japan, the United Kingdom and the United States.
‘Cornwall Declaration’, aimed at preventing future pandemics was signed during the 47th G7 Leaders summit 2021.
India, Australia and South Korea were invited to participate in the proceedings of the summit as “guest countries”.
The G7 does not have a formal constitution or a fixed headquarters and the decisions taken by leaders during annual summits are binding.
All the G7 countries and India are a part of G20.

Which of the statements given above are correct?

	A	1, 2 and 4

	B	2, 3 and 5

	C	3, 4 and 5

	D	3 and 5

Your Ans is

Right ans is D

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

Context: The 47th G7 summit was held on 11–13 June 2021 in Cornwall in the United Kingdom.

The Group of Seven (G7) is an inter-governmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
India, Australia and South Korea were invited to participate in the proceedings of the summit as “guest countries”.
The G7 does not have a formal constitution or a fixed headquarters and the decisions taken by leaders during annual summits are non-binding.
All the G7 countries and India are a part of G20. The G20 operates without a permanent secretariat or staff.
‘Carbis Bay Declaration’ aimed at preventing future pandemics was signed during the 47th G7 Leaders summit 2021.

World Trade Organisation

Consider the following statements with reference to the World Trade Organisation(WTO):

The Uruguay Round, conducted from 1987 to 1994, culminated in the Marrakesh Agreement, which established the World Trade Organization (WTO).
The highest authority of the WTO is the Ministerial Conference, which must meet at least every two years.
India has been a member of the WTO since January 1995 and also had been a member of the WTO’s forerunner General Agreement on Tariffs and Trade (GATT) since July 1948.

Choose the correct statement(s) from the options given below:

	A	1 and 2

	B	Only 3

	C	2 and 3

	D	1, 2 and 3

Your Ans is

Right ans is D

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

Context: Recently, Nigeria’s Ngozi Okonjo-Iweala has been appointed the new chief of the World Trade Organization, becoming the first woman to ever lead the institution and the first African citizen to take on the role.

The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments.
Headquartered in Geneva, Switzerland, the WTO has 164 members (including European Union) and 23 observer governments (like Iran, Iraq, Bhutan, Libya etc).
The Uruguay Round, conducted from 1987 to 1994, culminated in the Marrakesh Agreement, which established the World Trade Organization (WTO).
The topmost decision-making body of the WTO is the Ministerial Conference, which usually meets every two years.
It brings together all members of the WTO, all of which are countries or customs unions.
India has been a member of the WTO since January 1995 and also had been a member of the WTO’s forerunner General Agreement on Tariffs and Trade (GATT) since July 1948.

UN Human Rights Council

Consider the following statements with reference to the UN Human Rights Council:

The Council was created by the United Nations General Assembly in March 2005.
The Council is made up of 49 United Nations Member States which are elected by the UN General Assembly.
It holds regular sessions three times a year, in March, June, and September.

Choose the correct statements:

	A	1 and 2

	B	Only 3

	C	2 and 3

	D	Only 2

Your Ans is

Right ans is B

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

Context: Recently, the U.S. has announced plans to reengage with the UN Human Rights Council that former President Donald Trump withdrew from almost three years ago.

Explanation:

The United Nations Human Rights Council (UNHRC) was established by the UN General Assembly on 15 March, 2006 to replace the UN Commission on Human Rights.
Headquartered in Geneva, Switzerland, the Council is made up of 47 United Nations Member States which are elected by the UN General Assembly.
These members are elected yearly by the General Assembly for staggered three-year terms. Members are selected via the basis of equitable geographic rotation using the United Nations regional grouping system. Members are eligible for re-election for one additional term, after which they must relinquish their seat.
The seats are distributed along the following lines:
- 13 for the African Group
- 13 for the Asia-Pacific Group
- 6 for the Eastern European Group
- 8 for the Latin American and Caribbean Group
- 7 for the Western European and Others Group
The UNHRC holds regular sessions three times a year, in March, June, and September.
The UNHRC passes non-binding resolutions on human rights issues through a periodic review of all 193 UN member states called the Universal Periodic Review (UPR).
The new mechanism is based on reports coming from different sources, one of them being contributions from non-governmental organisations (NGOs).
The first cycle of the UPR took place between 2008 and 2011,[42] the second cycle between 2012 and 2016, and the third cycle began in 2017 and is expected to be completed in 2021.

European Court Of Justice

Consider the following statements with reference to the European Court of Justice (ECJ):

It is a part Court of Justice of the European Union (CJEU), and is the European Union’s Supreme Court in matters of EU law.
The President of the Court of Justice is elected from and by the judges for a renewable term of two years.
Following the entrance into force of the Treaty of Lisbon on 1 December 2009, the ECJ’s official name was changed from the “Court of Justice of the European Communities” to the “Court of Justice”.

Choose the correct answer from the codes given below:

	A	Only 1

	B	1 and 3

	C	Only 3

	D	1, 2 and 3

Your Ans is

Right ans is B

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

The Court of Justice, informally known as the European Court of Justice (ECJ), is the supreme court of the European Union in matters of European Union law, and is considered the most powerful and influential international court that is realistically possible
The court was established in 1952 in Luxembourgh, by the Treaty of Paris (1951) as part of the European Coal and Steel Community.
Following the entrance into force of the Treaty of Lisbon on 1 December 2009, the ECJ's official name was changed from the "Court of Justice of the European Communities" to the "Court of Justice"
The Court of Justice consists of 27 Judges who are assisted by 11 Advocates-General. The Judges and Advocates-General are appointed by common accord of the governments of the member states and hold office for a renewable term of six years.
The President of the Court of Justice is elected from and by the judges for a renewable term of three years.
It is the highest court of the European Union in matters of Union law, but not national law. It is not possible to appeal against the decisions of national courts in the ECJ, but rather national courts refer questions of EU law to the ECJ.
The court also acts as arbiter between the EU's institutions and can annul the latter's legal rights if it acts outside its powers.

Catastrophe Containment And Relief Trust

Consider the following statements with reference to the Catastrophe Containment and Relief Trust (CCRT):

The CCRT allows the IMF to provide grants for debt relief for the poorest and most vulnerable countries hit by catastrophic natural disasters or public health disasters.
Established in February 2015 during the Ebola outbreak, it grants complement donor financing and the IMF concessional lending through the Poverty Reduction and Growth Trust (PRGT).

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 C

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

Established in February 2015 during the Ebola outbreak and modified in March 2020 in response to the COVID-19 pandemic, the CCRT grants complement donor financing and the IMF concessional lending through the Poverty Reduction and Growth Trust (PRGT).
The trust allows the IMF to join international debt relief efforts when poor countries are hit by the most catastrophic of natural disasters and to assist poor countries battling public health disasters—such as epidemics or global pandemics of infectious disease.

Eligibility

Assistance through the CCRT is currently available to low-income countries eligible for concessional borrowing through the Poverty Reduction and Growth Trust (PRGT).
Countries which have either a per capita income below the International Development Association’s (IDA) operational cutoff (currently US$1,175).
Small states with a population below 1.5 million and a per capita income below twice the IDA cutoff (currently US$2,350).

Structure

The CCRT has two windows:

Catastrophe Containment window, to provide assistance in containing a public health disaster
Post-Catastrophe Relief window, to provide exceptional assistance in the wake of a catastrophic natural disaster.

International Monetary And Financial Committee

Consider the following statements with reference to the International Monetary and Financial Committee (IMFC):

The IMFC has 44 members who are central bank governors, ministers, or others of comparable rank and who are usually drawn from the governors of the Fund’s 189 member countries.
It advises and reports to the IMF Board of Governors on the supervision and management of the international monetary and financial system, including on responses to unfolding events that may disrupt the system.

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 B

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

The size and the composition of the IMFC mirrors that of the Executive Board. The IMFC has 24 members who are central bank governors, ministers, or others of comparable rank and who are usually drawn from the governors of the Fund’s 189 member countries.
Each member country and each group of member countries that elects an Executive Director appoints a member of the IMFC.
The IMFC usually meets twice a year, at the Bank-Fund Annual and Spring Meetings.
For each meeting, the Managing Director prepares a draft agenda that is discussed by the Executive Board, approved by the IMFC Chair, and formally adopted by the IMFC at the meeting.
At the end of the meetings, the Committee issues a communiqué summarizing its views.
These communiqués provide guidance for the IMF’s work program during the half year leading up to the next Spring or Annual Meetings.

Function

The IMFC advises and reports to the IMF Board of Governors on the supervision and management of the international monetary and financial system, including on responses to unfolding events that may disrupt the system.
It also considers proposals by the Executive Board to amend the Articles of Agreement and advises on any other matters that may be referred to it by the Board of Governors.
Although the IMFC has no formal decision-making powers, in practice, it has become a key instrument for providing strategic direction to the work and policies of the Fund.

Non-Proliferation Treaty

With reference to the Non-Proliferation Treaty (NPT), consider the following statements:

The Treaty defines nuclear weapon states (NWS) as those that had manufactured and detonated a nuclear explosive device prior to 1 January 1967.
The treaty is reviewed every six years in meetings called Review Conferences of the Parties to the Treaty of Non-Proliferation of Nuclear Weapons.

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 Treaty on the Non-Proliferation of Nuclear Weapons (NPT) is the centre piece of global efforts to prevent the further spread of nuclear weapons, to foster the peaceful uses of nuclear energy and to further the goal of nuclear disarmament.
The NPT entered into force in 1970.
It is aimed at limiting the spread of nuclear weapons including three elements: (1) non-proliferation, (2) disarmament, and (3) peaceful use of nuclear energy.
The Treaty defines nuclear weapon states (NWS) as those that had manufactured and detonated a nuclear explosive device prior to 1 January 1967. All the other states are therefore considered non-nuclear weapon states (NNWS). The five nuclear weapon states are China, France, Russia, the United Kingdom, and the United States.
The treaty is reviewed every five years in meetings called Review Conferences of the Parties to the Treaty of Non-Proliferation of Nuclear Weapons.

Blue Flag Certification

With reference to the Blue Flag Certification, consider the following statements:

Blue Flag Certificationis accorded by an international agency -Foundation for Environment Education, Denmark, based on 31 stringent criteria.
It started in France in 1985 and has been implemented in Europe since 1987, and in areas outside Europe since 2001, when South Africa joined.

Choose the correct answer from the codes given below:

	A	Only 1

	B	Both 1 and 2

	C	Only 2

	D	Neither 1 nor 2

Your Ans is

Right ans is C

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

The Blue Flag beach is an Eco-tourism model endeavouring to provide to the tourists/beachgoers clean and hygienic bathing water, facilities, amenities, safe and healthy environment and sustainable development of the area.
This Certification is accorded by an international agency, ‘Foundation for Environment Education’, Denmark, based on 33 stringent criteria in four major heads i.e. (i) Environmental Education and Information, (ii) Bathing Water Quality, (iii) Environment Management and Conservation and (iv) Safety and Services in the beaches.
It started in France in 1985 and has been implemented in Europe since 1987, and in areas outside Europe since 2001, when South Africa joined.
Japan and South Korea are the only countries in South and southeastern Asia to have Blue Flag beaches.
The Chandrabhaga beach on the Konark coast of Odisha is the first in India to get the Blue Flag certification.

Features of a Blue Flag beach

These beaches will have proper waste disposal systems and access to clean drinking water for the tourists. Knowledge about the coastal ecosystem and sensitive natural areas will also be given to the tourists.
A choice of environment-friendly activities will be offered to all the visitors and fully functional toilets will be available to all.
The rules and regulations will be very strict and no unauthorized camping or dumping is allowed.

Organisation Of Islamic Cooperation

Consider the following statements with reference to Organisation of Islamic Cooperation (OIC):

The Organization was established upon a decision of the historical summit which took place in Rabat, Kingdom of Morocco in 1969, following the criminal arson of Al-Aqsa Mosque in occupied Jerusalem.
The Organisation of Islamic Cooperation (OIC) is the second largest inter-governmental organization after the United Nations with a membership of 58 countries, including Pakistan.

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 C

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

The Organization was established upon a decision of the historical summit which took place in Rabat, Kingdom of Morocco on 25^th September 1969, following the criminal arson of Al-Aqsa Mosque in occupied Jerusalem.
OIC is the second largest intergovernmental organization after the United Nations with a membership of 58 countries, including Pakistan.
The OIC has permanent delegations to the United Nations and the European Union.
The official languages of the OIC are Arabic, English, and French.
Headquarters: Jeddah, Saudia Arabia

International Court Of Justice

Recently, Gambia has filed an application at the International Court of Justice (ICJ), accusing Myanmar of violating the 1948 Genocide Convention. Consider the following statements with reference to the International Court of Justice:

The ICJ was established in 1946 by the United Nations charter and began working in April 1947.
The Court is composed of 10 judges, who are elected for terms of office of nine years by the United Nations General Assembly and the Security Council.

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 D

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

The International Court of Justice (ICJ) is the principal judicial organ of the United Nations (UN). It was established in June 1945 by the Charter of the United Nations and began work in April 1946.
The seat of the Court is at the Peace Palace in The Hague (Netherlands). Of the six principal organs of the United Nations, it is the only one not located in the United States of America.
The Court is composed of 15 judges, who are elected for terms of office of nine years by the United Nations General Assembly and the Security Council.
It is assisted by a Registry, its administrative organ. Its official languages are English and French.
The Court’s role is to settle, in accordance with international law, legal disputes submitted to it by States and to give advisory opinions on legal questions referred to it by authorized United Nations organs and specialized agencies.

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