Current Affairs Question - 20 February 2020

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.