Certified Anti-Money Laundering Specialist Certification (CAMS) Practice Exam

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Prepare for the Certified Anti-Money Laundering Specialist Certification (CAMS) exam. Study with multiple choice questions, each with hints and explanations. Boost your chances of success!

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What does FATF stand for?

Financial Authority Task Force
Financial Action Task Force
Fundamental Anti-Terrorism Financing
Foster Action Toward Finance

The correct answer is: Financial Action Task Force

The acronym FATF stands for Financial Action Task Force. This organization was established in 1989 and plays a critical role in combating money laundering and the financing of terrorism on a global scale. The FATF develops and promotes policies to protect the international financial system from these illicit activities. It provides a framework for countries to adopt effective measures and implement guidelines that help in enhancing the integrity of financial systems worldwide. Understanding the full name of FATF is essential for professionals involved in compliance and anti-money laundering efforts, as it signifies the authority and focus of the organization. The terms used in the other options do not accurately reflect the organization's purpose or mission. For instance, "Financial Authority Task Force" implies a broader authority that isn't correct, while "Fundamental Anti-Terrorism Financing" and "Foster Action Toward Finance" diverge from the specific focus on actionable strategies against money laundering and terrorism financing that the Financial Action Task Force embodies.