Which of the following FATF recommendations is specifically targeted at ensuring the financial sector does not support terrorist financing?
A. Recommendation 2
B. Recommendation 8
C. Recommendation 10
D. Recommendation 9
Junior Auditor Paper held on 08-07-2023
Junior Auditor Past Paper 08-07-2023
Which of the following is NOT a focus of FATF’s mission?
A. Counter-terrorism financing
B. Anti-money laundering
C. Currency exchange regulation
D. Financial transparency
How often does the FATF hold meetings to discuss its activities and member countries’ compliance?
A. Once a year
B. Twice a year
C. Every quarter
D. Every two years
What is the FATF’s “blacklist” for countries that do not comply with its recommendations called?
A. Financial Sanctions List
B. Blacklist of Non-Compliant Countries
C. High-Risk Jurisdictions List
D. Risk Monitoring List
FATF evaluates the compliance of countries with its standards using a mutual evaluation process. How often are these evaluations conducted?
A. Every year
B. Every two years
C. Every five years
D. Every decade
Which of the following is one of the consequences for countries that fail to comply with FATF standards?
A. They can face economic sanctions and loss of trade privileges
B. They can be expelled from the UN
C. They can face military intervention
D. They can increase their international debt
Which organization is responsible for ensuring FATF’s recommendations are implemented on the ground in countries?
A. United Nations Security Council
B. International Criminal Police Organization (INTERPOL)
C. National financial intelligence units (FIUs)
D. World Bank
What is one of the key objectives of FATF’s “Recommendation 12”?
A. To ensure the monitoring of terrorist financing through international coordination
B. To impose sanctions on high-risk countries
C. To verify the identity of customers when they open accounts
D. To establish international trade rules
What does FATF recommend for countries to do with financial institutions to combat money laundering?
A. Limit international banking transactions
B. Develop financial systems without any checks
C. Implement comprehensive due diligence procedures
D. Reduce banking regulations
How does FATF help countries strengthen their financial systems?
A. By providing loans to countries in financial distress
B. By advising and setting global standards for anti-money laundering and counter-terrorist financing
C. By controlling the global financial markets
D. By offering tax incentives to compliant countries