Q. With reference to ‘Financial Action Task Force (FATF)’, which of the following statements is/are correct?

  1. India is not a full member of FATF but it has partial membership status of this organization.
  2. All permanent members of the Security Council except China are members of FATF.

Select the correct answer using the codes given below.

  • 1 only
  • 2 only
  • Both 1 and 2
  • Neither 1 nor 2

Answer: d) Neither 1 nor 2

Financial Action Task Force (FATF):
  • FATF is an inter-governmental policy-making and standard-setting body dedicated to combating money laundering and terrorist financing.
  • Objective: To establish international standards, and to develop and promote policies, both at national and international levels, to combat money laundering and the financing of terrorism.
  • It was established in 1989 during the G7 Summit in Paris to develop policies against money laundering.
  • In 2001 its mandate expanded to include terrorism financing.
  • Headquarters: Paris, France.
  • FATF members include 39 countries, including the United States, India, China, Saudi Arabia, Britain, Germany, France, and the EU as such.
  • India became a member of FATF in 2010.

Read more: Financial Action Task Force (FATF)