What Is Fatf Upsc?

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What is FATF means?

The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society.

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What is FATF GREY list Upsc?

The Grey List includes countries that are considered safe haven for supporting terror funding and money laundering. It serves as a warning that the country may enter the blacklist. The Black List includes Non-Cooperative Countries or Territories (NCCTs) that support terror funding and money laundering activities.

What is FATF and its objectives?

The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

Is India part of FATF UPSC?

As of January 2021, there are 39 member countries in the FATF. India is a member of the organization since June 2010.

Who controls FATF?

As of 2021, there is 1 country with the “FATF Observer” status, namely Indonesia, and 28 international organisations. These include the International Monetary Fund, the UN with six expert groups and the World Bank. All the observer organisations have anti-money laundering as one of their tasks.

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How many countries are FATF?

The FATF currently comprises 37 member jurisdictions and 2 regional organisations, representing most major financial centres in all parts of the globe.

Why Pakistan is removed from FATF?

The Financial Action Task Force has decided by consensus that Pakistan has completed all substantial, technical and procedural requirements of both 2018 and 2021 Action Plans. As a result, Pakistan has been taken out of the list of jurisdictions under increased monitoring, with immediate effect.

Where is India in FATF list?

Is India a member of the Financial Action Task Force? India became an Observer at FATF in 2006. Since then, it had been working towards full-fledged membership. On June 25, 2010 India was taken in as the 34th country member of FATF.

Which country is blacklisted by FATF?

As of November 2022, only three countries were on the FATF blacklist: North Korea, Iran, and Myanmar. The FATF has been characterized as effective in shifting laws and regulations to combat illicit financial flows.

What are the key components of FATF?

Assessor training. Country training. Selection of assessors. Technical compliance. Scoping. On-site visit. Report drafting.