Financial Action Task Force Quiz

Notes:
The Financial Action Task Force (FATF) is currently holding meetings in Paris to discuss state-sponsored terrorism and funding of banned outfits operating in Pakistan. FATF is an independent intergovernmental body that sets global standards against Money Laundering (ML) and Terrorist Financing (TF). It was established in 1989 during the G7 Summit in Paris and expanded in 2001 to include terrorism financing. FATF headquarters is in Paris, France. India became a FATF member in 2010.

Notes:

• FATF was established in 1989 to combat money laundering and terrorist financing: This is correct. FATF was indeed established in 1989.
• The FATF’s “grey list” includes countries under increased monitoring for compliance: This is correct. The grey list identifies countries needing to improve their AML/CFT measures.
• India is the first country to host the FATF Private Sector Collaborative Forum (PSCF): This is incorrect. Other countries have hosted similar forums before India.

 

Notes:
India hosts the Financial Action Task Force (FATF) Private Sector Collaborative Forum 2025 in Mumbai. The forum will focus on payment transparency, financial inclusion, and digital financial system transformation. Financial Action Task Force (FATF) is an intergovernmental body combating money laundering and terrorist financing. FATF sets international standards and policies to prevent financial crimes. It was established in 1989 during the G7 Summit in Paris to address money laundering concerns. In 2001, its mandate expanded to include terrorism financing. FATF’s headquarters is in Paris, France.

Notes:
Financial Action Task Force (FATF) एक अंतर-सरकारी निकाय है जिसका उद्देश्य राष्ट्रीय और अंतरराष्ट्रीय स्तर पर नीतियों का विकास और प्रचार करना है ताकि मनी लॉन्ड्रिंग और आतंकवाद वित्तपोषण को रोका जा सके। इसकी स्थापना 1989 में हुई थी। यह एक “नीति-निर्माण निकाय” है जो इन क्षेत्रों में राष्ट्रीय विधायी और नियामक सुधार लाने के लिए आवश्यक राजनीतिक इच्छाशक्ति उत्पन्न करने का कार्य करता है।

Notes:

Financial Action Task Force (FATF) ने अवैध वित्त से लड़ने के लिए अपनी सिफारिशों के साथ उच्च तकनीकी अनुपालन हासिल करने के लिए भारत की प्रशंसा की। FATF मनी लॉन्ड्रिंग और आतंकवादी वित्तपोषण से लड़ने पर केंद्रित एक अंतर-सरकारी निकाय है। इसका उद्देश्य अंतरराष्ट्रीय मानक स्थापित करना और राष्ट्रीय और अंतरराष्ट्रीय स्तर पर प्रभावी नीतियों को बढ़ावा देना है। इसकी स्थापना 1989 में पेरिस में G7 शिखर सम्मेलन के दौरान की गई थी। FATF ने 2001 में आतंकवाद वित्तपोषण को शामिल करने के लिए अपना अधिदेश विस्तारित किया। इसमें 39 सदस्य देश शामिल हैं, जैसे अमेरिका, भारत, चीन और कई यूरोपीय देश। भारत 2010 में FATF में शामिल हुआ।

Notes:
The Financial Action Task Force (FATF) commended India for achieving high technical compliance with its recommendations to combat illicit finance. FATF is an intergovernmental body focused on fighting money laundering and terrorist financing. Its objective is to set international standards and promote effective policies at national and international levels. It was established in 1989 during the G7 Summit in Paris. FATF expanded its mandate to include terrorism financing in 2001. It includes 39 member countries, such as the US, India, China, and several European nations. India joined FATF in 2010.

Notes:
India has been placed in the “regular follow-up category” by the Financial Action Task Force (FATF) after its plenary meeting in Singapore from June 26-28, 2024. The meeting evaluated 17 countries on anti-money laundering, anti-terrorism financing, and anti-proliferation compliance. India, Russia, France, Italy, and the UK were kept in the regular follow-up, while one country was grey-listed. The FATF commended India’s efforts but urged quicker prosecution in such cases.

Notes:
Global anti-money laundering watchdog -Financial Action Task Force (FATF) has suspended Russia’s membership over the Ukraine war.
Paris-based FATF deals with money laundering and terrorism financing prevention. It sets standards for more than 200 countries and jurisdictions and seeks to help authorities tackle serious crimes including drug smuggling, human trafficking and terrorism.

Notes:
Financial Action Task Force (FATF) has put Myanmar on the ‘black list’ and has the country to apply enhanced due diligence to business relations and transactions.
The FATF blacklist, designated as ‘High-Risk Jurisdictions’ subject to a Call for Action, identifies the countries with weak anti-money laundering and counter-terrorist funding regulatory frameworks.

Notes:
The Financial Action Task Force (FATF) was established in 1989 on the initiative of the G7, not the G20. Countries that are considered safe havens for terror funding and money laundering are typically placed on the FATF grey list, while the blacklist involves ‘Non-Cooperative Countries or Territories’ (NCCTs). Therefore, neither statement 1 nor 2 is correct.