Financial action task force insights minsmaps
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.The Financial Action Task Force (FATF) can be seen as the international standard-setter in the fight against terrorist financing and money laundering. It was established in 1989, by a Group of Seven (G-7) Summit held in Paris. The summit recognised the growing threat posed by money laundering to the banking system and financial institutions and set up the FATF to develop and promote national and international policies, globally, to help eliminate this threat. In 2001, the FATF took over responsibility for the development of standards in the fight against terrorist financing.
The FATF’s main responsibility is to ensure global action to combat money laundering and terrorist financing is undertaken. Since its creation, the FATF has been at the forefront of measures designed to counter criminal attempts to use the financial system to further criminal and terrorist purposes. Most notably, in 1990 the FATF established a series of money laundering recommendations. In 2001, they established a series of special recommendations on the prominent threat of terrorist financing, collectively known as the 40+9 Recommendations whose aim was to unite anti-money laundering and terrorist financing efforts into one universal instrument.
The FATF examines techniques and counter-measures and reviews whether existing national and international policies are sufficient to combat the developing threat. The FATF monitors compliance with the 40+9 recommendations through a two-pronged strategy.
Firstly, member countries complete annual self-assessment style questionnaire and secondly, the FATF regularly conducts on-site Mutual Evaluation Report examinations on individual jurisdictions, assessing the effectiveness of their national policies in dealing with money laundering and terrorist financing. The importance was reiterated in 2005 by the United Nations Security Council:
The FATF’s main responsibility is to ensure global action to combat money laundering and terrorist financing is undertaken. Since its creation, the FATF has been at the forefront of measures designed to counter criminal attempts to use the financial system to further criminal and terrorist purposes. Most notably, in 1990 the FATF established a series of money laundering recommendations. In 2001, they established a series of special recommendations on the prominent threat of terrorist financing, collectively known as the 40+9 Recommendations whose aim was to unite anti-money laundering and terrorist financing efforts into one universal instrument.
The FATF examines techniques and counter-measures and reviews whether existing national and international policies are sufficient to combat the developing threat. The FATF monitors compliance with the 40+9 recommendations through a two-pronged strategy.
Firstly, member countries complete annual self-assessment style questionnaire and secondly, the FATF regularly conducts on-site Mutual Evaluation Report examinations on individual jurisdictions, assessing the effectiveness of their national policies in dealing with money laundering and terrorist financing. The importance was reiterated in 2005 by the United Nations Security Council:
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