You are required to respond to the following questions:

$1.$ Define money laundering and terrorist financing risks and discuss their impact on financial institutions $(10$ marks$).$

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$2.$ Comment on the key strategies adopted by financial institutions to manage money laundering and terrorist financing risks $(15$ marks$).$

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$3.$ Discuss the role of the Financial Action Task Force $($FATF$)$ in combating money laundering and terrorist financing $(10$ marks$).$