Question: Which country has recently been made the 38th member of ‘The Financial Express Task Force’ (FATF)?
(b) South Korea
- On 10th December, 2018, Israel became the 38th member of ‘The Financial Action Task Force’ (FATF). Israel was an observer to the FATF in February 2016.
- Until then it had already been closely involved in the work of the FATF through its participation in the FATF-style regional body MONEYVAL.
- The Financial Action Task Force (FATF) is an inter-governmental body 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.
- Founded in 1989 as an initiative of the G7 countries—Canada, France, Germany, Italy, Japan, the U.K., and the U.S. Members in this organization (FATF) represent the largest financial centers around the world.
- FATF develops policies to combat money laundering and terrorism funding. India is the member of this organization.