Financial Action Task Force on Money Laundering (FATF)
The FATF is an intergovernmental organisation formed in 1989 to develop and promote policies to protect the global financial system against money laundering, terrorism financing and other related threats to the integrity of the international financial systems.
The FATF has developed a series of Recommendations that are recognised as the international standard for combating of money laundering, financing of terrorism and financing of proliferation of weapons of mass destruction.
The FATF monitors countries' progress in implementing the FATF Recommendations through mutual evaluation. The mutual evaluation involves two part assessments:
FATF membership comprises of 34 countries and two regional bodies. There are 8 FATF-style regional bodies:
- Asia/Pacific Group on Money Laundering (APG)
- Caribbean Financial Action Task Force (CFATF)
- Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL)
- Eurasian Group (EAG)
- Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG)
- Financial Action Task Force on Money Laundering in South America (GAFISUD)
- Inter Governmental Action Group against Money Laundering in West Africa (GIABA)
- Middle East and North Africa Financial Action Task Force (MENAFATF)