With reference to Financial Action Task Force (FATF), consider following statements

1. It is the inter-governmental body working as financing watchdog regarding global money laundering and terrorist financing.
2. Currently,there are only two countries namely North Korea and Iran who are under its blacklist.
3. It is also responsible for setting global standards on anti-money laundering (AML) and combating the financing of terrorism (CFT).
4. India has an observer status of this forum.

Select the correct statement.

• 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. It is a “policy-making body” which works to generate the political will to bring about national legislative and regulatory reforms in money laundering. It has also started dealing with virtual currencies. The FATF Secretariat is located in Paris.
• 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 now there are only two countries in the blacklist — Iran and North Korea — and seven on the grey list, including Pakistan, Sri Lanka, Syria and Yemen.

By: Shubham Tiwari