Q. Consider the following statements regarding “Financial Action Task Force (FATF)”:
1.It is an inter-governmental body established in 1989 to combat money laundering, terrorist financing.
2.FATF’s decision making body meets three times per year.
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C
Notes:

Explanation: Financial Action Task Force (FATF) is an inter-governmental body established in 1989 to combat money laundering, terrorist financing, and other related threats to the integrity of the international financial system.

  • It has 39 members so far, including India. FATF’s decision making body, the FATF Plenary, meets three times per year.
  • FATF reviews money laundering and terrorist financing techniques and continuously strengthens its standards to address new risks.

Source: FORUMIAS