What is the role of the Financial Action Task Force FATF?

The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society.

Who does FATF report to?

Financial Action Task Force | U.S. Department of the Treasury.

What list does the Financial Action Task Force publish?

Key publications The FATF Recommendations, the international anti-money laundering and combatting the financing of terrorism and proliferation (AML/CFT) standards, and the FATF Methodology to assess the effectiveness of AML/CFT systems.

Why was the Financial Action Task Force set up?

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.

Is FATF legally binding?

Despite not being binding, many countries have chosen to make a commitment to implement them in order to combat money laundering. The recommendations were first published in 1990, and have been subsequently revised in 1996 and 2003.

Are FATF decisions binding?

4. The FATF Recommendations/ FATF Standards. The Financial Action Task Force issues legally non-binding recommendations to its member countries that act as guidelines which they are expected to enforce.

How does FATF achieve its objectives?

3. In order to fulfil its objectives, the FATF carries out the following tasks: b) Developing and refining the international standards for combating money laundering and the financing of terrorism and proliferation (the FATF Recommendations);

Who runs FATF?

Marcus Pleyer of Germany assumed the position of President of the FATF on 1 July 2020. He succeeded Xiangmin Liu of the People’s Republic of China. Dr.

Where is the secretariat of FATF?

The FATF Secretariat is located at the OECD headquarters in Paris. Since November 2015, the FATF Secretariat has been led by the Executive Secretary David Lewis.

How many FATF lists are there?

According to its official website, there are 38 members of FATF, representing most financial centers around the world. The list consisted of the following countries: Argentina. Australia.