Photo credit: UN Photo/Rick Bajornas.

Financial Action Task Force

Abbreviation

FATF

Summary

An intergovernmental body originally formed in 1989 to combat money laundering, the Financial Action Task Force now also aims to set standards and to promote effective implementation of measures for combating terrorist financing and other related threats to the integrity of the international financial system. The organization promotes the adoption and implementation of anti-money laundering and anti-terrorism finance measures, monitors the progress of its members, and reviews measures to curb money laundering and terrorist financing. For example, the FATF develops “Recommendations,” which aim to “set out a comprehensive and consistent framework of measures which countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction.” The FATF standards are made up of both the Recommendations themselves and their Interpretive Notes. The organization has eight associate members (called FATF-style Regional Bodies, or FSRBs), each covering a region of the world.

Composition 

The FATF currently is made up of 34 member states and two regional organizations.

Associate Members

• Asia/Pacific Group on Money Laundering (APG)
• Caribbean Financial Action Task Force (CFATF)
• Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL)
• Eurasian Group (EAG)  
• Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG)
• Financial Action Task Force of Latin America (GAFILAT) (formerly known as Financial Action Task Force on Money Laundering in South America (GAFISUD))
• Inter Governmental Action Group against Money Laundering in West Africa (GIABA)
• Middle East and North Africa Financial Action Task Force (MENAFATF)

The list of Observer Organizations can be found here: http://www.fatf-gafi.org/pages/aboutus/membersandobservers/.

Website

http://www.fatf-gafi.org/pages/aboutus/whoweare/

Entry last updated: March 2015.