UPSC Civil Services Model Paper 6

FATF is all set to decide on Pakistan’s grey list status in a virtual meeting. It had placed Pakistan on the grey list in June 2018 .
The Financial Action Task Force (FATF) :
It is the global money laundering and terrorist financing watchdog . Hence statement 1 is correct.
The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society.
As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
The FATF has developed the FATF Recommendations, or FATF Standards, which ensure a co-ordinated global response to prevent organized crime, corruption, and terrorism .
They help authorities go after the money of criminals dealing in illegal drugs, human trafficking, and other crimes.
The FATF also works to stop funding for weapons of mass destruction.