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    Question

    Consider the following statements regarding the

    Financial Action Task Force (FATF). 1. India has been a founding member of the Financial Action Task Force (FATF). 2. Afghanistan and North Korea have been placed under the Black list of the FATF. which of the above statements is/are incorrect?┬а
    A 1 only Correct Answer Incorrect Answer
    B 2 only Correct Answer Incorrect Answer
    C Both 1 & 2 Correct Answer Incorrect Answer
    D Neither 1 or 2 Correct Answer Incorrect Answer

    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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