Financial Action Task Force (FATF)

The Financial Action Task Force (FATF) was established in 1989 as an intergovernmental organisation to combat money laundering, which was a growing concern at the time. Since then, the FATF's mandate has expanded to include countering the financing of terrorism (CFT) and other threats to the integrity of the international financial system. The organisation is headquartered in Paris, France, and has over 200 member countries and jurisdictions, as well as international organisations such as the United Nations.

The FATF develops and promotes policies and standards to prevent and detect money laundering and terrorist financing. Its recommendations, which are updated regularly, cover a wide range of topics related to AML/CFT, including customer due diligence, suspicious transaction reporting, and the freezing and confiscation of assets related to money laundering and terrorist financing. The FATF's recommendations are widely recognised as international standards for AML/CFT, and many countries have incorporated them into their national laws and regulations.

In addition to developing standards, the FATF conducts peer reviews of member countries' compliance with its recommendations. These reviews are conducted by teams of experts from other member countries and assess the effectiveness of each country's AML/CFT measures. Countries that do not meet the standards may face consequences such as reputational damage or sanctions.

Overall, the FATF plays a critical role in the global effort to combat financial crime. Its standards and peer review process help to ensure that countries around the world have effective AML/CFT measures in place, and its work contributes to the integrity and stability of the international financial system.