Consider the following statements about Financial Act

Solution

Financial Act Task Force (FATF) Statement I is correct - : It is an inter-governmental body that was established in 1989 during the G7 Summit in Paris in 1989. Statement II is correct - : The FATF revises the blacklist regularly, adding or deleting entries. In 2022, Iran and the Democratic People's Republic of Korea (DPRK) are under High-risk Jurisdiction or black list. Statement III correct -: It is an inter-governmental policymaking body. It assesses the strength of a country’s anti-money laundering and anti-terror financing frameworks, however, it does not go by individual cases. Its Secretariat is located at the Organisation for Economic Cooperation and Development (OECD) headquarters in Paris. The FATF currently has 39 members including two regional organisations - the European Commission and Gulf Cooperation Council. India is a member of the FATF. Lists under FATF: Grey List: Countries that are considered safe haven for supporting terror funding and money laundering are put in the FATF grey list. This inclusion serves as a warning to the country that it may enter the blacklist. Black List: Countries known as Non-Cooperative Countries or Territories (NCCTs) are put in the blacklist.