The SWIFT (The Society for Worldwide Interbank Financial Telecommunica

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The SWIFT (The Society for Worldwide Interbank Financial Telecommunication) frequently mentioned in news, is essentially a

[amp_mcq option1=”Global financial intelligence agency” option2=”Global terror finance detection system” option3=”Global money transfer system” option4=”Global stock-market information sharing system” correct=”option3″]

This question was previously asked in
UPSC CDS-2 – 2022
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SWIFT (The Society for Worldwide Interbank Financial Telecommunication) is essentially a secure messaging network used by financial institutions globally to transmit information and instructions for money transfers and other financial transactions. While it doesn’t hold funds or manage accounts directly, it enables the communication required for these transactions to occur between banks across the world.
– SWIFT is a cooperative owned by its member financial institutions.
– It provides a standardized and reliable way for banks to communicate about transactions, facilitating international payments.
While SWIFT is used for financial transactions, it can also play a role in tracking illicit finance flows, and its services can be leveraged by financial intelligence units or be subject to sanctions, but its primary function is not as a dedicated intelligence or detection system. It is the backbone of international money transfer communications.

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