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Topic: Security challenges and their management in border areas – linkages of organized crime with terrorism.
6. Critically analyse the role of Financial Action Task Force (FATF) in implementing anti-money laundering and counter-terrorist financing (AML/CFT) measures to stop criminals and terrorists from abusing the financial system. (250 words)
Difficulty level: Tough
Reference: The Hindu
Why the question:
The global terror financing watchdog, Financial Action Task Force (FATF), has added Turkey, along with Jordan and Mali, in its revised list of “jurisdictions under increased monitoring”.
Key Demand of the question:
To write about the performance of FATF in implementing anti-money laundering and counter-terrorist financing (AML/CFT) measures
Directive word:
Critically analyse – When asked to analyse, you must examine methodically the structure or nature of the topic by separating it into component parts and present them in a summary. When ‘critically’ is suffixed or prefixed to a directive, one needs to look at the good and bad of the topic and give a balanced judgment on the topic.
Structure of the answer:
Introduction:
Begin by writing about the aims and objectives of FATF.
Body:
First, write about the various ways FATF tackles money laundering and terror financing – blacklist and grey list, measures like – Economic sanctions from IMF, World Bank and ADB etc, Reduction in international trade and international boycott etc.
Next, write about the successes and limitations of the above methodology of FATF. Write further steps to taken in this regard especially in the light of recent events.
Conclusion:
Conclude with a way forward.
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