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 Action Task Force
Financial Alliance for Trade Facilitation
Federal Agency for Transaction Fraud
Fiscal Authority on Trade and Finance

The correct answer is: Financial Action Task Force

The acronym FATF stands for Financial Action Task Force. This organization was established in 1989 to combat money laundering and terrorist financing on a global scale. It sets international standards aimed at preventing these financial crimes and promotes the implementation of legal, regulatory, and operational measures for their effective enforcement. The FATF evaluates countries' compliance with its standards through mutual evaluations and provides guidelines and recommendations on best practices to enhance global financial integrity. Given its pivotal role in establishing frameworks and frameworks that help identify and mitigate risks associated with financial crime, the term refers specifically to this influential international body, making it the correct choice. The other options do not accurately represent the work or mandate associated with this acronym. They refer to concepts related to finance and trade, but they do not align with the goals and focus of the FATF as an organization dedicated to anti-money laundering and counter-terrorist financing efforts.