Financial Action Task Force is :

by

Financial Action Task Force is :

A wing under the Central Economic Intelligence Bureau
A division of Enforcement Directorate
A global money laundering and terrorist financing watchdog
A UN Anti-Corruption Agency
This question was previously asked in
UPSC CDS-2 – 2024
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The correct option is C) A global money laundering and terrorist financing watchdog.
The Financial Action Task Force (FATF) is an intergovernmental policy-making body established in 1989. Its primary objectives 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. It is not part of India’s domestic agencies like CEIB or ED, nor is it a formal UN agency, although it works closely with the UN.
FATF monitors countries’ progress in implementing the FATF Recommendations through peer reviews. It also identifies jurisdictions with weak measures and places them under increased monitoring (‘grey list’) or calls for countermeasures (‘black list’). Being placed on these lists can have significant economic and reputational consequences for a country.

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