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Financial Action Task Force is: a (a) A wing under the Central Economic Intelligence Bureau b (b) A division of Enforcement Directorate c (c) A global money laundering and terrorist financing watchdog d (d) A UN Anti-Corruption Agency
Explanation
The Financial Action Task Force (FATF) is an intergovernmental organization established in 1989 by the G7 countries [2]. It serves as the global watchdog for anti-money laundering (AML) and countering the financing of terrorism (CFT) [1]. The FATF sets international standards, known as the FATF Recommendations, which aim to prevent illegal activities such as drug trafficking, human trafficking, and terrorism from exploiting the international financial system [2]. While India is a member and maintains a dedicated FATF Cell within its Department of Revenue, the FATF itself is an independent international body headquartered at the OECD in Paris, not a wing of the Central Economic Intelligence Bureau or the Enforcement Directorate [1]. It is also distinct from United Nations agencies, although it collaborates with the UN Office on Drugs and Crime to enhance global financial security.
Sources
- [1] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 9: Agriculture > FINANCIAL ACTION TASK FORCE (FATE) > p. 281
- [2] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 9: Agriculture > FINANCIAL ACTION TASK FORCE (FATE) > p. 282
SIMILAR QUESTIONS
India by becoming a full-fledged member of the Financial Action Task Force :
Recently which of the following countries were placed in the 'Grey List' of Financial Action Task Force?
Consider the following statements about Financial Action Task Force (FATF) : 1. It is an Inter Governmental body that devises policies to combat money laundering and terrorist financing. 2. India is a full fledged member of FATF. 3. FATF membership will enable India to access information on suspcct accounts in nations such as Switzerland and UK. Which of the statements given above is/ are correct ?
With reference to the Government of India, consider the following information:
| Organization | Function/Act | Ministry/Department |
|---|---|---|
| I. Directorate of Enforcement | Enforcement of the Fugitive Economic Offenders Act, 2018 | Internal Security Division-I, Ministry of Home Affairs |
| II. Directorate of Revenue Intelligence | Enforces the Provisions of the Customs Act, 1962 | Department of Revenue, Ministry of Finance |
| III. Directorate General of Systems and Data Management | Carrying out big data analytics to assist tax officers for better policy and nabbing tax evaders | Department of Revenue, Ministry of Finance |
In how many of the above rows is the information correctly matched?