Financial Action Task Force (FATF)
Financial Action Task Force (FATF)

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Financial Action Task Force (FATF)
  • Overview
  • Recommendations
  • High risk and non-cooperative jurisdictions
  • Trends
  • Guidance on risk-based approach to anti-money laundering
  • Standards, best practice and frameworks
  • Structure

This Practice Note introduces the Financial Action Task Force (FATF) and its work in relation to setting standards and promoting adoption and use of legal, regulatory and operational measures for combating money laundering, terrorist financing and similar threats to the international financial system’s integrity. This Practice Note would be of interest to those developing an interest in anti-money laundering and counter terrorist financing measures and those working on implementing a framework to address financial crime within a financial services firm.

Overview

The FATF was set up in 1989 as an inter-governmental body with the aim of setting standards and encouraging the implementation of measures to tackle money laundering, the financing of terrorism, and activity which challenges the integrity of the global financial system.

Through setting standards and working at a supra-national level, it aims to set the direction of national standards and legislative activity and as such it acts as a global policy-making body. Through developing recommendations in key areas, the intention is to create a coordinated, global approach to threats to the financial system while at the same time ensuring some degree of competitive equality.

In addition to standard setting, FATF monitors how members progress implementation of necessary measures, using common methodologies and processes and close working with the International Monetary Fund (IMF) and World Bank.

In line with many elements of financial services, it is recognised

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