When was FATF established?
A. 1985
B. 1989
C. 1995
D. 2001
Explanation:
The Financial Action Task Force (FATF) was established in 1989 by the Group of Seven (G7) industrialized nations to combat money laundering. Initially, its mandate was to develop recommendations and standards to combat money laundering, but it was later expanded to include countering the financing of terrorism (CFT). The FATF is now an intergovernmental organization with 39 member countries and two regional organizations.
The FATF holds plenary meetings three times a year, and its headquarters are in Paris, France. The FATF is responsible for publishing a list of countries that are deemed to have deficiencies in their anti-money laundering (AML) and counter-terrorist financing (CFT) policies, known as the “blacklist.” The FATF also collaborates with other international organizations to promote AML/CFT efforts. Its recommendations are recognized as the global standard for AML/CFT policies, and compliance with these recommendations is a prerequisite for many international financial transactions.
Membership:
FATF currently consists of 39 member countries and two regional organizations. The member countries are:
-
- Argentina
- Australia
- Austria
- Belgium
- Brazil
- Canada
- China
- Denmark
- Finland
- France
- Germany
- Greece
- Iceland
- India
- Indonesia
- Ireland
- Israel
- Italy
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