Consider the following statements about Financial Action Task Force FATF 1 Financial Action Task For...........

International Affairs Other Regional Groupings

451 views

Consider the following statements about Financial Action Task Force (FATF):

1.Financial Action Task Force (FATF) is the financial intelligence wing of OECD aimed to prevent money laundering and terrorist financing.

2.India is the founding member of the FATF.

3.When a country is in the grey list of the FATF, it will not be able to access the funds from the international markets.

How many of the statements given above is/are correct?

Only One

Only Two

All Three

None

Explanation:

None of the Above

The statement "Financial Action Task Force (FATF) is the financial intelligence wing of OECD aimed to prevent money laundering and terrorist financing" is incorrect. While the FATF collaborates with the OECD (Organization for Economic Cooperation and Development) and shares some common goals, it is an independent intergovernmental organization focused on combating money laundering and terrorist financing.

The statement "India is the founding member of the FATF" is incorrect. India is not a founding member of the FATF. The FATF was established in 1989, and India became a member in 2010.

The statement "When a country is in the grey list of the FATF, it will not be able to access funds from the international markets" is incorrect. Being on the FATF grey list does not automatically restrict a country from accessing funds from international markets. However, being on the grey list indicates that the country has strategic deficiencies in its anti-money laundering and counter-terrorist financing regimes, which may pose risks to the international financial system.

Therefore, the correct answer is option 4. None

Report error

Submit Error