FATF stands for “Financial Action Task Force” which is an inter-governmental organization established in 1989 by the G7 countries to combat money laundering and the financing of terrorism. The organization’s purpose is to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
FATF’s main objectives are to set standards and promote policies to combat money laundering and terrorist financing, to provide a platform for cooperation and information-sharing among countries, and to provide technical assistance to countries to help them implement the FATF standards.
FATF’s main activities include setting international standards for combating money laundering and terrorist financing, conducting assessments of countries’ compliance with these standards, and promoting the implementation of these standards through a variety of means, such as technical assistance, training, and best practice guidance.
FATF’s standards are based on the 40 Recommendations for combating money laundering and the 9 Special Recommendations on terrorist financing. These recommendations are intended to serve as a basis for countries to develop their own laws, regulations and procedures to combat money laundering and terrorist financing.
FATF also has a global network of regional bodies, called FATF-Style Regional Bodies (FSRBs), which are responsible for promoting the implementation of the FATF standards in their respective regions.
In summary, FATF stands for “Financial Action Task Force” is an inter-governmental organization established in 1989 by G7 countries. It aims to combat money laundering and the financing of terrorism. Its main objectives are to set standards and promote policies to combat money laundering and terrorist financing, to provide a platform for cooperation and information-sharing among countries, and to provide technical assistance to countries to help them implement the FATF standards. Its main activities include setting international standards for combating money laundering and terrorist financing, conducting assessments of countries’ compliance with these standards, and promoting the implementation of these standards through a variety of means, such as technical assistance, training, and best practice guidance. It also has a global network of regional bodies called FATF-Style Regional Bodies (FSRBs) which are responsible for promoting the implementation of the FATF standards in their respective regions.