Consider the following statements about Financial Action Task Force 1 After demonetization of 2016 t...........

International Affairs Other Regional Groupings

Consider the following statements about Financial Action Task Force

1.After demonetization of 2016, the next step that India took was to get the observer status in Financial Action Task Force.

2.It is an inter-governmental body that sets global standards on anti-money laundering.

3.This body monitors the progress of its members in implementing necessary measures with respect to counter terror financing.

Which of the statements given above is/are correct?

1 and 3 only

2 only

2 and 3 only

1 only

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Explanation:

2 and 3 only

Statement 1 is incorrect. India did not pursue observer status in the Financial Action Task Force (FATF) immediately after the demonetization of 2016. The demonetization process was primarily aimed at combating black money, corruption, and counterfeiting, which are related but distinct from the objectives of the FATF.

Statement 2 is correct. The Financial Action Task Force (FATF) is indeed an inter-governmental body that sets global standards on anti-money laundering (AML) and combating the financing of terrorism (CFT).

Statement 3 is correct. FATF monitors the progress of its members in implementing necessary measures related to countering terrorist financing in addition to anti-money laundering efforts.

Therefore, the correct option is 3. 2 and 3 only.