FATF as a policy-making body to fight against money laundering

The acronym FATF means Financial Action Task Force on Money Laundering.

The FATF is an inter-governmental body founded in Paris in 1989 to develop and promote national and international policies concerning money laundering and terrorist financing.

The FATF deals with adopting and implementing measures to counter the criminal use of the financial system – it examines money laundering trends and techniques, reviews actions already been taken at an international level, establishes the basic framework for anti-money laundering, publishes and updates recommendations regarding the threat of money laundering, etc.

The key areas of activity of the FATF are as follows:

  • setting national anti-money laundering standards and counter terrorist financing standards;
  • evaluating how countries have implemented measures that meet its set of standards;
  • identifying and studying methods and trends of money laundering and terrorist financing.

The Financial Action Task Force on Money Laundering currently consists of 31 countries and territories and 2 regional organizations. The FATF also actively co-operates with many international and regional bodies dealing with combating money laundering and terrorist financing.

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