BANKING AFFAIRS

Detailed explanation-1: -The Financial Action Task Force (FATF) is an inter-governmental body decision-making body. It was established in 1989 during the G7 Summit in Paris to develop policies against money laundering.

Detailed explanation-2: -Over 200 jurisdictions around the world have committed to the FATF Recommendations through the global network of nine FATF-Style Regional Bodies (FSRBs) and FATF memberships.

Detailed explanation-3: -The Financial Action Task Force (FATF) was established in 1989 by the G7 to examine and develop measures to combat money laundering. It originally included the G7 countries, the European Commission and eight other countries. Click here to see the Economic Declaration from the G7 Summit in July 1989.

Detailed explanation-4: -Member since 2010 The country reported back to the FATF in 2018 on the actions it had taken to strengthen its AML/CFT framework. As a result of this report, the FATF rerated the country on 7 of the 40 Recommendations.

Detailed explanation-5: -The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society.