Online Reporting System

FATF

The Financial Action Task Force (FATF)


The Financial Action Task Force on Money-Laundering (FATF) was established by the G-7 Summit that was held in Paris in 1989.
FATF represents an inter-governmental body whose purpose is the development and promotion of policies, both at national and international level for combating money laundering and terrorist financing.

FATF has published 40 + 9 Recommendations in order to provide a comprehensive plan of legal and financial actions necessary at national as well as international level to fight against money laundering and terrorist financing. The above-mentioned recommendations became international standards in this field. Recently, in February, 2012 the FATF revised and adopted 40 Recommendations (instead of 40+9 Recommendations).

FATF does not have a tightly defined constitution. Its mission is reviewed every five years. FATF members agreed to extend its mandate until 2020.

To date, FATF is composed of 36 members: 34 countries and 2 international regional organizations – European Commission and the Gulf Cooperation Council.

FATF also works in close co-operation with the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval), Eurasian Group (EAG), Middle East and North Africa Financial Action Task Force (MENAFATF) etc.

Detailed information: www.fatf-gafi.org