Financial Action Task Force (FATF)


Published by a UUÂãÁÄÖ±²¥ Corporate Crime expert
Practice notes

Financial Action Task Force (FATF)


Published by a UUÂãÁÄÖ±²¥ Corporate Crime expert

Practice notes
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Introduction to FATF

The Financial Action Task Force (FATF) was set up in 1989 as an inter-governmental body which promotes effective implementation of measures for combatting money laundering and terrorist financing along with other threats to the integrity of the international financial system. Its membership, comprising jurisdictions and regional organisations, represents most major financial centres in the world. It also has many associate members and observer organisations. Its stated objective is to:

‘protect financial systems and the broader economy from threats of money laundering and the financing of terrorism and proliferation, thereby strengthening financial sector integrity and contributing to safety and security’

It achieves this by examining and developing measures to detect and prevent money laundering (AML), combat terrorist financing (CTF), and counter the financing of proliferation (CFP) of weapons of mass destruction (WMD). Other areas of focus for FATF includes corruption, environmental crime, asset recovery, digitalisation and beneficial ownership. FATF aims to meet these targets by:

  1. •

    conducting and publishing expert operational and strategic studies on risks, trends, and methods

  2. •

    developing global policies

  3. •

    setting

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Jurisdiction(s):
United Kingdom
Key definition:
Money laundering definition
What does Money laundering mean?

money laundering or the use or process of taking the proceeds of criminal activities and making them appear legal is an activity which bankers are required to prevent and report under certain regulations.

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