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Financial Action Task Force (FATF): Overview

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Financial Action Task Force (FATF): Overview

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Questions and Answers

What was the main reason for the creation of the Financial Action Task Force (FATF)?

To promote the use of cryptocurrencies

To encourage international trade agreements

To establish a global banking system

To address concerns about money laundering and illegal activities (correct)

How many countries and jurisdictions have committed to meeting FATF requirements?

Over 100 countries

More than 200 countries (correct)

Less than 50 countries

Around 150 countries

Which types of financing does the FATF primarily focus on combating?

Illicit drug financing

Money laundering, terrorist financing, and preventing weapons of mass destruction financing (correct)

Intellectual property financing

Cybersecurity financing

In what year was the Financial Action Task Force (FATF) created?

1989 Signup and view all the answers

How many member organizations are part of the Financial Action Task Force (FATF)?

Two organizations Signup and view all the answers

Apart from money laundering and terrorist financing, what other types of crime financing does the FATF help authorities to counter?

Human rights violations financing Signup and view all the answers

What is the main role of the Financial Action Task Force (FATF) according to the text?

Developing international standards for combating financial crimes Signup and view all the answers

What do countries need to do with the FATF recommendations, as mentioned in the text?

Adapt and translate them into their national laws and regulations Signup and view all the answers

Why do criminals innovate their methods for laundering money according to the text?

To evade detection by financial institutions Signup and view all the answers

What consequences can countries face for not adhering to the requirements of the Financial Action Task Force?

Economic instability Signup and view all the answers

Which organizations partner with the FATF, as mentioned in the text?

Financial Intelligence Units and World Bank Signup and view all the answers

What do the FATF '40 Recommendations' form the foundation for, as stated in the text?

Global Anti Money Laundering Directive Signup and view all the answers

Why do countries undergo risk assessments by other groups within the FATF framework?

To evaluate compliance with FATF standards Signup and view all the answers

What are countries offered if they are found to be non-compliant with FATF recommendations?

Assistance and guidance for best practices Signup and view all the answers

What is the purpose of observing countries' risk assessment processes within FATF groups?

To ensure a fair assessment without bias Signup and view all the answers

Which of the following professions might fall under Anti-money Laundering laws and regulations, as mentioned in the text?

Lawyers and Notaries Signup and view all the answers