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Consider the following statements regarding Financial Action Task Force (FATF).
- Financial Action Task Force (FATF) is a United Nations affiliated watchdog monitoring money laundering, terror financing, and other threats to global financial networks.
- The FATF grey list signals to international financial and banking systems that there are increased risks in transacting with the country in grey list.
- To get out of the grey list, the country has to fulfil tasks recommended by the FATF, such as confiscating properties of individuals associated with terrorist groups.
Which of the above statements is/are correct?
- a)1, 2
- b)1, 3
- c)2, 3
- d)1, 2, 3
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding Financial Action Task Forc...
Financial Action Task Force (FATF) is an intergovernmental organization established in 1989 to combat money laundering, terrorist financing, and other threats to the integrity of the international financial system. It is not affiliated with the United Nations, but it works closely with the UN and other international organizations.
Statement 1: Financial Action Task Force (FATF) is a United Nations affiliated watchdog monitoring money laundering, terror financing, and other threats to global financial networks.
This statement is incorrect. As mentioned earlier, FATF is not affiliated with the United Nations. It is an intergovernmental organization with 39 member countries and jurisdictions, including the US, UK, India, and China.
Statement 2: The FATF grey list signals to international financial and banking systems that there are increased risks in transacting with the country in grey list.
This statement is correct. The FATF maintains two lists - the grey list and the black list. The grey list comprises countries that have deficiencies in their anti-money laundering and counter-terrorist financing regimes but have committed to addressing them. The black list includes countries that have not taken sufficient measures to combat money laundering and terrorist financing. Being on the grey list can have significant economic consequences for a country as it sends a message to the international financial system that there are increased risks in transacting with that country.
Statement 3: To get out of the grey list, the country has to fulfil tasks recommended by the FATF, such as confiscating properties of individuals associated with terrorist groups.
This statement is also correct. To get off the grey list, a country has to address the deficiencies identified by the FATF. The FATF provides a list of recommended actions that a country needs to take to address these deficiencies. These actions may include passing new legislation, strengthening law enforcement and regulatory agencies, and confiscating the assets of individuals or entities associated with terrorist groups or other criminal organizations. Once the FATF is satisfied that a country has taken sufficient measures to address the deficiencies, it can be removed from the grey list.
Statement 1: Financial Action Task Force (FATF) is a United Nations affiliated watchdog monitoring money laundering, terror financing, and other threats to global financial networks.
This statement is incorrect. As mentioned earlier, FATF is not affiliated with the United Nations. It is an intergovernmental organization with 39 member countries and jurisdictions, including the US, UK, India, and China.
Statement 2: The FATF grey list signals to international financial and banking systems that there are increased risks in transacting with the country in grey list.
This statement is correct. The FATF maintains two lists - the grey list and the black list. The grey list comprises countries that have deficiencies in their anti-money laundering and counter-terrorist financing regimes but have committed to addressing them. The black list includes countries that have not taken sufficient measures to combat money laundering and terrorist financing. Being on the grey list can have significant economic consequences for a country as it sends a message to the international financial system that there are increased risks in transacting with that country.
Statement 3: To get out of the grey list, the country has to fulfil tasks recommended by the FATF, such as confiscating properties of individuals associated with terrorist groups.
This statement is also correct. To get off the grey list, a country has to address the deficiencies identified by the FATF. The FATF provides a list of recommended actions that a country needs to take to address these deficiencies. These actions may include passing new legislation, strengthening law enforcement and regulatory agencies, and confiscating the assets of individuals or entities associated with terrorist groups or other criminal organizations. Once the FATF is satisfied that a country has taken sufficient measures to address the deficiencies, it can be removed from the grey list.
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Consider the following statements regarding Financial Action Task Forc...
FATF is an international watchdog monitoring money laundering, terror financing, and other threats to global financial networks. The grey list signals to international financial and banking systems that there are increased risks in transacting with the country in question, impacting the country’s economic growth. To get out of the grey list, a country has to fulfil tasks recommended by the FATF, such as confiscating properties of individuals associated with terrorist groups.
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Consider the following statements regarding Financial Action Task Force (FATF). Financial Action Task Force (FATF) is a United Nations affiliated watchdog monitoring money laundering, terror financing, and other threats to global financial networks. The FATF grey list signals to international financial and banking systems that there are increased risks in transacting with the country in grey list. To get out of the grey list, the country has to fulfil tasks recommended by the FATF, such as confiscating properties of individuals associated with terrorist groups.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer?
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Consider the following statements regarding Financial Action Task Force (FATF). Financial Action Task Force (FATF) is a United Nations affiliated watchdog monitoring money laundering, terror financing, and other threats to global financial networks. The FATF grey list signals to international financial and banking systems that there are increased risks in transacting with the country in grey list. To get out of the grey list, the country has to fulfil tasks recommended by the FATF, such as confiscating properties of individuals associated with terrorist groups.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Financial Action Task Force (FATF). Financial Action Task Force (FATF) is a United Nations affiliated watchdog monitoring money laundering, terror financing, and other threats to global financial networks. The FATF grey list signals to international financial and banking systems that there are increased risks in transacting with the country in grey list. To get out of the grey list, the country has to fulfil tasks recommended by the FATF, such as confiscating properties of individuals associated with terrorist groups.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Financial Action Task Force (FATF). Financial Action Task Force (FATF) is a United Nations affiliated watchdog monitoring money laundering, terror financing, and other threats to global financial networks. The FATF grey list signals to international financial and banking systems that there are increased risks in transacting with the country in grey list. To get out of the grey list, the country has to fulfil tasks recommended by the FATF, such as confiscating properties of individuals associated with terrorist groups.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer?.
Consider the following statements regarding Financial Action Task Force (FATF). Financial Action Task Force (FATF) is a United Nations affiliated watchdog monitoring money laundering, terror financing, and other threats to global financial networks. The FATF grey list signals to international financial and banking systems that there are increased risks in transacting with the country in grey list. To get out of the grey list, the country has to fulfil tasks recommended by the FATF, such as confiscating properties of individuals associated with terrorist groups.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Financial Action Task Force (FATF). Financial Action Task Force (FATF) is a United Nations affiliated watchdog monitoring money laundering, terror financing, and other threats to global financial networks. The FATF grey list signals to international financial and banking systems that there are increased risks in transacting with the country in grey list. To get out of the grey list, the country has to fulfil tasks recommended by the FATF, such as confiscating properties of individuals associated with terrorist groups.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Financial Action Task Force (FATF). Financial Action Task Force (FATF) is a United Nations affiliated watchdog monitoring money laundering, terror financing, and other threats to global financial networks. The FATF grey list signals to international financial and banking systems that there are increased risks in transacting with the country in grey list. To get out of the grey list, the country has to fulfil tasks recommended by the FATF, such as confiscating properties of individuals associated with terrorist groups.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer?.
Solutions for Consider the following statements regarding Financial Action Task Force (FATF). Financial Action Task Force (FATF) is a United Nations affiliated watchdog monitoring money laundering, terror financing, and other threats to global financial networks. The FATF grey list signals to international financial and banking systems that there are increased risks in transacting with the country in grey list. To get out of the grey list, the country has to fulfil tasks recommended by the FATF, such as confiscating properties of individuals associated with terrorist groups.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC.
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Consider the following statements regarding Financial Action Task Force (FATF). Financial Action Task Force (FATF) is a United Nations affiliated watchdog monitoring money laundering, terror financing, and other threats to global financial networks. The FATF grey list signals to international financial and banking systems that there are increased risks in transacting with the country in grey list. To get out of the grey list, the country has to fulfil tasks recommended by the FATF, such as confiscating properties of individuals associated with terrorist groups.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Consider the following statements regarding Financial Action Task Force (FATF). Financial Action Task Force (FATF) is a United Nations affiliated watchdog monitoring money laundering, terror financing, and other threats to global financial networks. The FATF grey list signals to international financial and banking systems that there are increased risks in transacting with the country in grey list. To get out of the grey list, the country has to fulfil tasks recommended by the FATF, such as confiscating properties of individuals associated with terrorist groups.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Consider the following statements regarding Financial Action Task Force (FATF). Financial Action Task Force (FATF) is a United Nations affiliated watchdog monitoring money laundering, terror financing, and other threats to global financial networks. The FATF grey list signals to international financial and banking systems that there are increased risks in transacting with the country in grey list. To get out of the grey list, the country has to fulfil tasks recommended by the FATF, such as confiscating properties of individuals associated with terrorist groups.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Consider the following statements regarding Financial Action Task Force (FATF). Financial Action Task Force (FATF) is a United Nations affiliated watchdog monitoring money laundering, terror financing, and other threats to global financial networks. The FATF grey list signals to international financial and banking systems that there are increased risks in transacting with the country in grey list. To get out of the grey list, the country has to fulfil tasks recommended by the FATF, such as confiscating properties of individuals associated with terrorist groups.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice UPSC tests.
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