The FATF is an inter Governmental body responsible for setting global standards on anti money launde...........

Economic Affairs Financial Institutions

The FATF is an inter-Governmental body, responsible for setting global standards on anti-money laundering (AML) and combating the financing of terrorism (CFT). Which of the following statements with regard to India is/are correct?

I. India is a member of FATF since 2006

II. In December 2010 India gained membership of the Eurasian Group of Anti-money Laundering and Combating the Financing of Terrorism (EAG) which is an FATF style regional body, responsible for enforcing global AML and CFT standards.

Which of the above statements is/are correct?

Only I

Only II

Both I & II

Neither I nor II

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Explanation:

1st statement is incorrect.
Indian has become a full-fledged member of Financial Action Task Force (FATF), an inter-governmental body, responsible for setting global standards on anti-money laundering (AML) and combating the financing of terrorism (CFT).
As a part of its Membership, a joint FATF / Asia Pacific Group Mutual Evaluation Team visited India in November-December, 2009 for on-site assessment of India’s compliance with the 40+9 Recommendations of FATF.
Mutual Evaluation Report on India and the India´s Membership issues were discussed in the third meeting of FATF Plenary-XXI held in Amsterdam, the Netherlands from 23rd to 25th June, 2010. FATF Plenary adopted the Mutual Evaluation Report on India on 24th June 2010 and on 25th June 2010 admitted India as 34th Country Member of FATF.
Earlier, India had become Observer at FATF in the year 2006. Since then, India has been working towards full-fledged Membership of FATF.