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- Source: CSC May 2019
Source: CSC May 2019
With reference to Financial Action Task Force (FATF) consider the following statements:
- It is a policy-making body that frames guidelines to combat money laundering and terrorist financing.
- India enjoys an ‘observer’ status at the FATF since 2006.
- The FATF lacks the power to directly enact its recommendations.
Which of the statements given above is/are correct?
A |
1 and 2
|
|
B |
2 and 3
|
|
C |
1 and 3
|
|
D |
1, 2 and 3
|
Your Ans is
Right ans is C
Your Answer Is Correct
Your Answer Is Wrong
Explanation :
- Statement 1: Established in 1989 and headquartered in Paris, FATF is an inter-governmental policy-making body whose purpose is the development and promotion of policies, both at national and international levels, to combat money laundering and terrorist financing. It generates the necessary political will to bring about national legislative and regulatory reforms in money laundering and terrorist financing areas.
- Statement 2: India is a permanent member of FATF. Statement 3: The FATF lacks the power to directly enact binding laws, but its influence is profound because a member that fails to comply with the FATF’s recommendations risks expulsion from the organization which affects its international ratings.
Source: CSC May 2019
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