Consider the following statements about the Financial Action Task Force (FATF):
1. The mandate of FATF is limited to combating the problem of money laundering and fighting against terrorist financing only.
2. Only individual countries can become members of FATF.
Which of the statements given above is/are correct?
1 only
2 only
Both 1 and 2
Neither 1 nor 2
• The Financial Action Task Force (FATF) was established in July 1989 by the Group of Seven (G7) Summit in Paris, initially to examine and develop measures to combat money laundering.
• In 2001, the FATF expanded its mandate to incorporate efforts to combat terrorist financing, in addition to money laundering.
• In 2012, it added efforts to counter the financing of proliferation of weapons of mass destruction.
• The FATF currently comprises 37 member jurisdictions and 2 regional organisations, representing most major financial centres in all parts of the globe. The European Commission and the Gulf-Cooperation Council are also members of the FATF.
The term 'West Texas Intermediate', sometimes found in news, refers to a grade of
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