With reference to the Financial Action Task Force (FATF), consider the following statements: 1. The FATF is an inter-governmental body that promotes global standards to combat money laundering, terrorist financing, and proliferation financing. 2. Countries placed on the "grey list" face automatic economic sanctions by FATF member states. 3. Russia’s FATF membership was suspended in 2023. Which of the statements given above are correct? |ForumIAS

[A] 1 and 2 only

[B] 2 and 3 only

[C] 1 and 3 only

[D] 1, 2 and 3

Answer: C

Notes:

Explanation:

Statement 1 is correct: The FATF promotes international standards to fight money laundering and terror financing.
Statement 2 is incorrect: Being on the grey list leads to increased monitoring and reputational damage, but not automatic sanctions.
Statement 3 is correct: Russia’s FATF membership was suspended in 2023.

Source– IE

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