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With reference to Financial Action Task Force, consider the following statements:
1. Its mandate is to combat money laundering & terrorist financing.
2. Its Secretariat is located in Paris.
3. India is a member of the FATF.
Which of the above statements are correct?
  • a)
    1 and 3 only
  • b)
    2 only
  • c)
    2 and 3 only
  • d)
    1, 2 and 3
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
With reference to Financial Action Task Force, consider the following ...
Financial Action Task Force
  • It is an inter-governmental body established in 1989 during the G7 Summit in Paris.
  • Assesses the strength of a country’s anti-money laundering and anti-terror financing frameworks, however it does not go by individual cases.
  • Objectives:
    • To set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
    • Hence, statement 1 is correct.
  • Headquarters:
    • Its Secretariat is located at the Organisation for Economic Cooperation and Development (OECD) headquarters in Paris. Hence, statement 2 is correct.
  • Member Countries:
    • The FATF currently has 39 members including two regional organisations - the European Commission and Gulf Cooperation Council. India is a member of the FATF. Hence, statement 3 is correct.
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With reference to Financial Action Task Force, consider the following statements:1. Its mandate is to combat money laundering & terrorist financing.2. Its Secretariat is located in Paris.3. India is a member of the FATF.Which of the above statements are correct?a)1 and 3 onlyb)2 onlyc)2 and 3 onlyd)1, 2 and 3Correct answer is option 'D'. Can you explain this answer?
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