financial action task force (fatf)

financial action task force (fatf) Contact Information

Website

fatf-gafi.org

LinkedIn

linkedin.com/company/financial-action-task-force-fatf-

Twitter

twitter.com/FATFNews

Facebook

facebook.com/thefatf

# Employees

51-200

Founded

1989

# LinkedIn Followers

126370

Description

The Financial Action Task Force (FATF) is an intergovernmental organization established in 1989 with the primary objective of combating money laundering, terrorist financing, and other threats to the integrity of the international financial system. It sets global standards and promotes effective implementation of legal, regulatory, and operational measures to combat these illicit activities. FATF consists of 39 member countries and jurisdictions, including major financial centers and regional organizations. It operates under the guidance of the G7 and G20, which provide political support and endorse its recommendations. The organization's headquarters are located in Paris, France. The FATF's main function is to develop and promote policies to combat money laundering and terrorist financing. It achieves this through the issuance of recommendations, known as the FATF Standards, which provide a comprehensive framework for countries to adopt and implement effective measures. These standards cover a wide range of areas, including criminal justice, financial regulation, international cooperation, and the freezing and confiscation of assets. One of the key features of the FATF is its peer review process, which assesses the compliance of member countries with the FATF Standards. This process involves a comprehensive evaluation of a country's legal and institutional framework, as well as its implementation of measures to combat money laundering and terrorist financing. The results of these evaluations are published in mutual evaluation reports, which highlight areas of strength and areas for improvement. In addition to its role in setting standards and conducting evaluations, the FATF also plays a crucial role in promoting global cooperation and coordination in the fight against money laundering and terrorist financing. It facilitates information sharing among member countries, encourages the establishment of financial intelligence units, and promotes the use of new technologies to enhance the detection and prevention of illicit financial activities. Furthermore, the FATF actively engages with non-member countries and jurisdictions through its outreach program. It works closely with international organizations, such as the United Nations, the World Bank, and the International Monetary Fund, to promote the adoption of the FATF Standards globally. It also collaborates with the private sector, including banks, financial institutions, and other businesses, to enhance their understanding of money laundering and terrorist financing risks and to encourage their compliance with the FATF Standards. Over the years, the FATF has made significant contributions to the global fight against money laundering and terrorist financing. Its recommendations and standards have been widely adopted by countries around the world, leading to the establishment of robust legal and regulatory frameworks. The organization's efforts have resulted in increased awareness and understanding of the risks associated with illicit financial activities, as well as improved international cooperation and coordination. In conclusion, the Financial Action Task Force (FATF) is a vital international organization that plays a crucial role in combating money laundering, terrorist financing, and other threats to the integrity of the global financial system. Through its standards, evaluations, and global outreach, the FATF promotes effective measures to prevent and detect illicit financial activities, thereby contributing to the stability and security of the international financial system.

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