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Consider the following statements regarding the Financial Action Task Force (FATF):
- It is an inter-governmental body established under the aegis of the United Nations to combat money laundering and terrorist financing.
- India and China are not members of FATF.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding the Financial Action Task ...
Statement 1: The Financial Action Task Force (FATF) is an inter-governmental body established under the aegis of the United Nations to combat money laundering and terrorist financing.
Statement 2: India and China are not members of FATF.
The correct answer is option 'D' - Neither 1 nor 2.
Explanation:
About the Financial Action Task Force (FATF):
- The Financial Action Task Force (FATF) is an inter-governmental body that was established in 1989 with the primary objective of combating money laundering and terrorist financing.
- The FATF sets standards and promotes 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.
- It is not established under the aegis of the United Nations. The FATF is an independent organization that operates under its own mandate and governance structure.
- The FATF consists of 39 member countries, including the European Commission and the Gulf Cooperation Council. These member countries are responsible for implementing the FATF's recommendations and undergoing peer reviews of their anti-money laundering and counter-terrorist financing regimes.
- The FATF also works closely with other international organizations, such as the United Nations, to coordinate efforts in combating financial crimes.
India and China's Membership:
- India is a member of the FATF. It became a member in 2010 and has actively participated in the organization's work to combat money laundering and terrorist financing.
- China is also a member of the FATF. It joined the organization in 2007 and has been involved in the development and implementation of international standards and best practices in the field of anti-money laundering and counter-terrorist financing.
Conclusion:
- Both statements given in the question are incorrect. The FATF is not established under the aegis of the United Nations, and both India and China are members of the FATF. Therefore, the correct answer is option 'D' - Neither 1 nor 2.
Statement 2: India and China are not members of FATF.
The correct answer is option 'D' - Neither 1 nor 2.
Explanation:
About the Financial Action Task Force (FATF):
- The Financial Action Task Force (FATF) is an inter-governmental body that was established in 1989 with the primary objective of combating money laundering and terrorist financing.
- The FATF sets standards and promotes 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.
- It is not established under the aegis of the United Nations. The FATF is an independent organization that operates under its own mandate and governance structure.
- The FATF consists of 39 member countries, including the European Commission and the Gulf Cooperation Council. These member countries are responsible for implementing the FATF's recommendations and undergoing peer reviews of their anti-money laundering and counter-terrorist financing regimes.
- The FATF also works closely with other international organizations, such as the United Nations, to coordinate efforts in combating financial crimes.
India and China's Membership:
- India is a member of the FATF. It became a member in 2010 and has actively participated in the organization's work to combat money laundering and terrorist financing.
- China is also a member of the FATF. It joined the organization in 2007 and has been involved in the development and implementation of international standards and best practices in the field of anti-money laundering and counter-terrorist financing.
Conclusion:
- Both statements given in the question are incorrect. The FATF is not established under the aegis of the United Nations, and both India and China are members of the FATF. Therefore, the correct answer is option 'D' - Neither 1 nor 2.
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Consider the following statements regarding the Financial Action Task Force (FATF): It is an inter-governmental body established under the aegis of the United Nations to combat money laundering and terrorist financing. India and China are not members of FATF.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?
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