The Financial Action Task Force (FATF) is a global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT).
It was was formed at the efforts of the OECD, and at present, the FATF has 34-members and 2 regional organizations, representing major financial centres in all parts of the globe.
The Financial Action Task Force (FATF) was established as an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the 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. The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
