Question
Consider the following statements regarding the Financial Action Task Force (FAT
- F . 1. India has been a founding member of the Financial Action Task Force (FAT
- F . 2. Afghanistan and North Korea have been placed under the Black list of the FATF. which of the above statements is/are incorrect?Â
Solution
Explanation: The Financial Action Task Force (FATF) is an inter-governmental body. It was established in 1989 during the G7 Summit in Paris. India became its member in 2010, hence statement-1 is incorrect. Black List: Countries known as Non-Cooperative Countries or Territories (NCCTs) are put in the blacklist. These countries support terror funding and money laundering activities. Iran and North Korea have been placed under the Black list, hence the statement-2 is also incorrect.
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