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Financial Action Task Force

Financial Action Task Force
AbbreviationFATF
Formation1989 (1989)
TypeIntergovernmental organisation
PurposeCombat money laundering and terrorism financing
HeadquartersParis
Region served
Europe
Membership
40
Official language
English, French
President
Elisa de Anda Modrazo[1]
Vice-President
Jeremy Weil[2]
Websitefatf-gafi.org
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The Financial Action Task Force (on Money Laundering) ('FATF, aka "Fatiff"), also known by its French name, Groupe d'action financière (GAFI), is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering and to maintain certain interest.[3] In 2001, its mandate was expanded to include terrorism financing.

The FATF Secretariat is administratively hosted at the OECD in Paris, but the two organisations are separate.[4]

The objectives of FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. FATF is a "policy-making body" that works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.[5] FATF monitors progress in implementing its Recommendations through "peer reviews" ("mutual evaluations") of member countries.

Since 2000, FATF has maintained the FATF blacklist (formally called the "Call for action") and the FATF greylist (formally called the "Other monitored jurisdictions").[6][7][8][9] The blacklist has led financial institutions to shift resources and services away from the listed.[10] This in turn has motivated domestic economic and political actors in the listed countries to pressure their governments to introduce regulations that are compliant with the FATF.[10]

  1. ^ "FATF Presidency". www.fatf-gafi.org. Retrieved 2024-04-01.
  2. ^ "FATF Presidency". www.fatf-gafi.org. Retrieved 2024-04-01.
  3. ^ The FATF in the Global Financial Architecture: Challenges and Implications. International, Transnational & Comparative Law Journal. Social Science Research Network (SSRN). Accessed 4 April 2019.
  4. ^ FATF - Frequently Asked Questions
  5. ^ "About - Financial Action Task Force (FATF)".
  6. ^ FATF nations, Full member nations, Observer nations, Call for action nations (Blacklisted nations), Other monitored jurisdictions (greylisted nations), FATF, accessed 24 October 2019.
  7. ^ "About FATF". FATF. Retrieved 1 May 2018.
  8. ^ Chohan, Usman W. (Mar 14, 2019). "The FATF in the Global Financial Architecture: Challenges and Implications". doi:10.2139/ssrn.3362167. S2CID 197804604. SSRN 3362167. Retrieved Oct 21, 2022 – via papers.ssrn.com. {{cite journal}}: Cite journal requires |journal= (help)
  9. ^ "FATF Works". FATF. Archived from the original on 7 May 2018. Retrieved 1 May 2018.
  10. ^ a b Cite error: The named reference :3 was invoked but never defined (see the help page).

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