CURRENT AFFAIRS

Detailed explanation-1: -The Financial Action Task Force (FATF) leads global action to tackle money laundering, terrorist and proliferation financing. The FATF researches how money is laundered and terrorism is funded, promotes global standards to mitigate the risks, and assesses whether countries are taking effective action.

Detailed explanation-2: -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-3: -As of late 2022, the FATF comprises 39 full members, including 37 countries and two “regional organizations", the European Commission and the Gulf Cooperation Council (GCC).

Detailed explanation-4: -Member since 2010 Since the assessment of the effectiveness of Australia’s measures to combat money laundering and terrorist financing, the country has been in an enhanced follow-up process. The country reported back to the FATF in 2018 on the actions it had taken to strengthen its AML/CFT framework.