China Becomes Vice President of Financial Action Task Force

China was elected as the Vice President of Financial Action Task Force (FATF), a global body mandated to combat terror financing and money laundering. China’s election came after the FATF plenary meeting in Paris.

China’s election to the FATF assumes significance as Pakistan is set to be put in the FATF ‘grey list’ in June 2018. The grey lists put countries under the scanner for not implementing the objectives of the task force.

Source- The Times of India
Static/Current Takeaways Important for Canara Bank PO 2018 Exam-
  • The Financial Action Task Force (FATF) was set up in 1989.