Financial Action Task Force (FATF)

The Financial Action Task Force (FATF) is an intergovernmental body established in 1989 by the G7 countries to combat money laundering, terrorist financing, and other threats to the integrity of the global financial system. Comprised of over 200 member jurisdictions, including countries and international organizations, the FATF sets international standards and promotes their implementation through evaluations and guidance.

FATF develops recommendations known as the FATF Standards, which provide a comprehensive set of measures to prevent misuse of the financial system for illicit purposes. These standards cover areas such as customer due diligence, reporting suspicious transactions, international cooperation, and the freezing and confiscation of assets related to money laundering and terrorism financing. Jurisdictions that fail to effectively implement these standards can be identified by the FATF as non-compliant, which could result in reputational and financial repercussions. Through its efforts, the FATF plays a crucial role in promoting transparency, accountability, and international cooperation in combating financial crimes globally.

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