Financial Action Task Force (FATF) Overview

Financial Action Task Force (FATF) = Intergovernmental organization tackling financial economic crime worldwide Money laundering = Illegal activity concerning the international financial system G7 countries = Initiative to establish the FATF in July 1989 Arab Gulf Cooperation Council = One of the member organizations of the FATF

FATF = Combating money laundering and terrorist financing Environmental crime financing = Area where FATF helps authorities to counter Human rights violations = Another area where FATF helps to prevent financing Weapons of mass destruction = Type of financing that FATF aims to prevent

More than 200 countries and jurisdictions = Committed to meeting FATF requirements G7 countries = Took the initiative to establish the FATF European Commission = One of the member organizations of the FATF United States = One of the G7 countries that established FATF

<p>Financial Action Task Force (FATF) = Created in July 1989 at a G7 summit European Commission = One of the member organizations of the FATF Arab Gulf Cooperation Council = Current member organization of the FATF United Kingdom = One of the G7 countries that established FATF</p> Signup and view all the answers

<p>Keeping an eye on the methods and trends of financial activities of criminals = Feature 1 Setting up global standards and guidelines = Feature 2 Assessing implementation of countries = Feature 3 Identifying high-risk countries regarding financial economic crime = Feature 4</p> Signup and view all the answers

<p>Financial Intelligence Units = Partner of FATF United Nations = Partner of FATF European Union = Translate FATF recommendations into A.M.L directives Countries committed to FATF = Divided into different groups for risk assessments</p> Signup and view all the answers

<p>40 Recommendations = International standards for combating money laundering and terrorist financing AML Directives = Translated from FATF recommendations into national laws and regulations Grey or black country list = List of countries not implementing sufficient measures Observers in risk assessments = Supervise the assessment process between different groups</p> Signup and view all the answers

<p>Develop international standards and guidelines = Formulate the '40 Recommendations' Translate guidelines into national laws and regulations = Responsibility of countries committed to FATF Conduct risk assessments together in groups = More than 200 countries and organizations participating in FATF Identify high-risk countries and jurisdictions = Grey or black country list for non-compliance</p> Signup and view all the answers