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With reference to the Financial Action Task Force (FATF), consider the following statements:
1. It is an UN-mandated inter-governmental body established in 1989 on the initiative of the G20 nations.
2. Countries that are supporting terror funding and money laundering activities are placed in the Blacklist.
3. As of 2020, FATF has blacklisted only North Korea over terror financing.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    1 and 3 only
  • d)
    2 and 3 only
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
With reference to the Financial Action Task Force (FATF), consider the...
In News: FATF recently held its annual joint experts’ meet. It was attended by participants from various government agencies all over the world and international bodies such as the United Nations, the International Monetary Fund, the World Bank and Interpol.
Option B is correct: The Financial Action Task Force (FATF) is an inter-governmental body decision-making body. It was established in 1989 during the G7 Summit in Paris to develop policies against money laundering. India became an Observer at FATF in 2006. Since then, it had been working towards full-fledged membership. On June 25, 2010, India was taken in as the 34th country member of FATF. As of 2020, FATF has blacklisted North Korea and Iran over terror financing. Twelve countries are in the grey list, namely: Bahamas, Botswana, Cambodia, Ethiopia, Ghana, Pakistan, Panama, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.
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With reference to the Financial Action Task Force (FATF), consider the following statements:1. It is an UN-mandated inter-governmental body established in 1989 on the initiative of the G20 nations.2. Countries that are supporting terror funding and money laundering activities are placed in the Blacklist.3. As of 2020, FATF has blacklisted only North Korea over terror financing.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)1 and 3 onlyd)2 and 3 onlyCorrect answer is option 'B'. Can you explain this answer?
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With reference to the Financial Action Task Force (FATF), consider the following statements:1. It is an UN-mandated inter-governmental body established in 1989 on the initiative of the G20 nations.2. Countries that are supporting terror funding and money laundering activities are placed in the Blacklist.3. As of 2020, FATF has blacklisted only North Korea over terror financing.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)1 and 3 onlyd)2 and 3 onlyCorrect answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the Financial Action Task Force (FATF), consider the following statements:1. It is an UN-mandated inter-governmental body established in 1989 on the initiative of the G20 nations.2. Countries that are supporting terror funding and money laundering activities are placed in the Blacklist.3. As of 2020, FATF has blacklisted only North Korea over terror financing.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)1 and 3 onlyd)2 and 3 onlyCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Financial Action Task Force (FATF), consider the following statements:1. It is an UN-mandated inter-governmental body established in 1989 on the initiative of the G20 nations.2. Countries that are supporting terror funding and money laundering activities are placed in the Blacklist.3. As of 2020, FATF has blacklisted only North Korea over terror financing.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)1 and 3 onlyd)2 and 3 onlyCorrect answer is option 'B'. Can you explain this answer?.
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