Financial Action Task Force (FATF)
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Questions and Answers

The FATF is an intergovernmental organization that has laid the foundation for tackling financial economic crime worldwide.

True

More than 300 countries and jurisdictions have committed to meeting FATF requirements to stop illicit financing.

False

The FATF focuses primarily on combating money laundering, terrorist financing and preventing the financing of weapons of mass destruction.

True

The FATF was created in July 1990 at a G7 summit in Paris, France.

<p>False</p> Signup and view all the answers

The main reason for the creation of the FATF was the growing concern among international leaders about the threat of money laundering and other illegal activities.

<p>True</p> Signup and view all the answers

There are nowadays about 49 members of the FATF, which contain countries and two member organizations.

<p>False</p> Signup and view all the answers

The FATF is an international organization that sets standards and guidelines for combating money laundering and terrorist financing.

<p>True</p> Signup and view all the answers

The FATF recommendations are directly translated into national laws and regulations by all countries.

<p>False</p> Signup and view all the answers

The FATF monitors the methods and trends used by criminals for financial activities.

<p>True</p> Signup and view all the answers

Countries that fail to implement sufficient measures are placed on a 'grey or black country list' by the FATF.

<p>True</p> Signup and view all the answers

The FATF consists of only $39$ member countries.

<p>False</p> Signup and view all the answers

The FATF recommendations are mandatory for all countries to implement.

<p>False</p> Signup and view all the answers

The FATF conducts research on the ongoing changes in methods and trends to assist countries in identifying financial economic crime risks.

<p>True</p> Signup and view all the answers

The FATF is divided into $10$ different groups that conduct risk assessments together.

<p>True</p> Signup and view all the answers

The FATF recommendations are only applicable to financial institutions and companies.

<p>False</p> Signup and view all the answers

The FATF works with partners like the United Nations and Financial Intelligence Units.

<p>True</p> Signup and view all the answers

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