Financial Action Task Force (FATF)

The FATF is an intergovernmental organization that has laid the foundation for tackling financial economic crime worldwide.

More than 300 countries and jurisdictions have committed to meeting FATF requirements to stop illicit financing.

The FATF focuses primarily on combating money laundering, terrorist financing and preventing the financing of weapons of mass destruction.

The FATF was created in July 1990 at a G7 summit in Paris, France.

The main reason for the creation of the FATF was the growing concern among international leaders about the threat of money laundering and other illegal activities.

There are nowadays about 49 members of the FATF, which contain countries and two member organizations.

The FATF is an international organization that sets standards and guidelines for combating money laundering and terrorist financing.

The FATF recommendations are directly translated into national laws and regulations by all countries.

The FATF monitors the methods and trends used by criminals for financial activities.

Countries that fail to implement sufficient measures are placed on a 'grey or black country list' by the FATF.

The FATF consists of only $39$ member countries.

The FATF recommendations are mandatory for all countries to implement.

The FATF conducts research on the ongoing changes in methods and trends to assist countries in identifying financial economic crime risks.

The FATF is divided into $10$ different groups that conduct risk assessments together.

The FATF recommendations are only applicable to financial institutions and companies.

The FATF works with partners like the United Nations and Financial Intelligence Units.