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5th MARCH DAILY CURRENT AFFAIRS
Financial action task force (FATF) :★The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 on the initiative of the G7.★The FATF Secretariat is housed at the OECD headquarters in Paris.★The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally.★In collaboration with other international stakeholders, the FATF works to identify national-level vulnerabilities with the aim of protecting the international financial system from misuse★The FATF expanded its membership from the original 16 to 36 members.Objective :★The objectives of the FATF 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.★The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas. |
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