Financial Action Task Force (FATF)

What Is the Financial Action Task Force (FATF)?

The Financial Action Task Force (FATF) is an intergovernmental organization that was established in 1989 to combat money laundering and terrorist financing. The FATF works with countries around the world to develop policies, regulations, and standards for combating these activities. It also monitors compliance with its recommendations through a peer review process. The FATF has developed 40 Recommendations on anti-money laundering and nine Special Recommendations on terrorism financing which are used as the international standard for fighting financial crime.

The FATF’s mission is to protect the integrity of the global financial system by setting standards and promoting effective implementation of legal, regulatory, and operational measures for combating money laundering, terrorist financing, proliferation finance, corruption related crimes such as bribery or embezzlement; cybercrime; fraud; counterfeiting; tax evasion; smuggling of goods or persons; trafficking in human beings or drugs; illegal arms trading etc., all over the world. To achieve this goal it provides technical assistance to governments worldwide so they can better understand how criminals use their financial systems to launder money or fund terrorism activities.

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