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Question of The Day20-10-2019

Which of the following organization is mandated to monitor global money laundering and terrorism funding?

Answer

Correct Answer : a ) Financial Action Task Force (FATF)

Explanation :

OECD is an international organization headquartered in Paris and founded in 1961. Its primary focus is on corruption and tax crimes.

IMF is an international organization headquartered in Washington and founded in 1945. Its works for international monetary cooperation, international trade and poverty reduction world over.

Global Forum on Transparency and Exchange of Information for Tax Purposes support and encourages implementation of world standards for the exchange of information on tax evasion, tax havens and money laundering. It was founded in 2000 and reconstituted in 2009.

FATF is an intergovernmental organization established in 1989 to form policies on combating money laundering. Terrorism funding was included in its mandate in 2001. Presently, it monitors money laundering, terrorism financing and measures adopted by countries to prevent these. India is a member country of FATF and comes under its jurisdiction. FATF Secretariat is in Paris (at OECD Headquarters).

Hence, (A) is the correct answer.

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