Financial Action Task Force

The Financial Action Task Force (FATF), also known by its <a href="/facts/French_language/qe1DnaQh">French</a> name, Groupe d'action financière (GAFI), is an <a href="/facts/Intergovernmental_organisation/5ELbyRm6">intergovernmental organisation</a> founded in 1989 on the initiative of the <a href="/facts/G7/P5xVoq5y">G7</a> to develop policies to combat <a href="/facts/Money_laundering/98Gw3mgx">money laundering</a> and to maintain certain interest. In 2001, its mandate was expanded to include <a href="/facts/Terrorism_financing/pN3IHcXd">terrorism financing</a>. The FATF Secretariat is administratively hosted at the <a href="/facts/OECD/CI9W2zGv">OECD</a> in Paris, but the two organisations are separate.
The objectives of FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, <a href="/facts/Terrorism_financing/pN3IHcXd">terrorist financing</a> and other related threats to the integrity of the international financial system. FATF is a "policy-making body" that works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas. FATF monitors progress in implementing its Recommendations through "peer reviews" ("mutual evaluations") of member countries.
Since 2000, FATF has maintained the <a href="/facts/FATF_blacklist/dM0Ig9vm">FATF blacklist</a> (formally called the "Call for action") and the <a href="/facts/FATF_blacklist/dM0Ig9vm">FATF greylist</a> (formally called the "Other monitored jurisdictions"). The blacklist has led financial institutions to shift resources and services away from the listed. This in turn has motivated domestic economic and political actors in the listed countries to pressure their governments to introduce regulations compliant with the FATF.

Financial Action Task Force open-in-new

Financial Action Task Force