Financial Action Task Force on Money Laundering
 |
|
| Abbreviation | FATF |
|---|---|
| Formation | 1989 |
| Type | Intergovernmental organization |
| Purpose | Combat money laundering and terrorism financing |
| Headquarters | Paris, France |
|
Region served
|
Worldwide |
|
Membership
|
36 |
|
Official language
|
English, French |
| Roger Wilkins | |
| Affiliations |
Asia/Pacific Group on Money Laundering (APG) Caribbean Financial Action Task Force (CFATF) The Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) Financial Action Task Force on Money Laundering in South America (GAFISUD) Middle East and North Africa Financial Action Task Force (MENAFATF) |
| Website | http://www.fatf-gafi.org |
The Financial Action Task Force (on Money Laundering) (FATF), also known by its French name, Groupe d'action financière (GAFI), is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering. In 2001 the purpose expanded to act on terrorism financing. It monitors countries' progress in implementing the FATF Recommendations by ‘peer reviews’ (‘mutual evaluations’) of member countries. The FATF Secretariat is housed at the headquarters of the OECD in Paris.
The Financial Action Task Force on Money Laundering (FATF) was established during the 1989 G7 Summit in Paris to combat the growing problem of money laundering. The task force was charged with studying money laundering trends, monitoring legislative, financial and law enforcement activities taken at the national and international level, reporting on compliance, and issuing recommendations and standards to combat money laundering. At the time of its creation, the organisation had 16 original members.
In its first year, the FATF issued a report containing forty recommendations to more effectively fight money laundering. These standards were revised in 2003 to reflect evolving patterns and techniques in money laundering.
The mandate of the organisation was expanded to include terrorist financing following the September 11 terror attacks.
The FATF's primary policies issued are the Forty Recommendations on money laundering from 1990 and the 9 Special Recommendations (SR) on Terrorism Financing (TF).
Together, the Forty Recommendation and Special Recommendations on Terrorism Financing set the international standard for anti-money laundering measures and combating the financing of terrorism and terrorist acts. They set out the principles for action and allow countries a measure of flexibility in implementing these principles according to their particular circumstances and constitutional frameworks. Both sets of FATF Recommendations are intended to be implemented at the national level through legislation and other legally binding measures.
The FATF completely revised the Forty Recommendations in 1996 and 2003. The 2003 Forty Recommendations require states, among other things, to:
...
Wikipedia