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FATF (Financial Action Task Force)
The Financial Action Task Force (FATF) is an inter-governmental body set up to set standards and promote effective implementation of legal, regulatory and operational measures to combat money laundering, terrorist financing and other threats to the global financial system.
The FATF currently comprises of 37 member jurisdictions and two regional organisations - the Cooperation Council for the Arab States of the Gulf (GCC) and the European Commission (EC) - which, combined, represent most major financial centres across the world.
FATF has developed a series of recommendations that are recognised as the international standards for combatting money laundering and terrorist financing, and these are revisited regularly to ensure they remain up to date, relevant, and can be applied globally.
In its role as an international regulator, FATF aims to get its member's to agree on how to best fight money laundering and terrorist financing by trying to bring about change in national legislation and regulation in order to put its recommendations into international law.
In order to monitor the progress of its member's in implementing its recommendations, FATF regulatory reviews each member's Anti-Money Laundering and anti-terrorist financing measures, promotes the adoption and implementation of appropriate measures and identifies the most vulnerable nations in order to protect the global system from abuse and misuse.
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