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The Financial Action Task Force (on Money Laundering) (FATF), is an intergovernmental organisation designed 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. Starting with its own members, the FATF monitors countries' progress in implementing the FATF Recommendations; reviews money laundering and terrorist financing techniques and counter-measures; and, promotes the adoption and implementation of the FATF Recommendations globally.
The FATF's decision making body, the FATF Plenary, meets three times per year.
The FATF Standards include the following documents:
- FATF Recommendations 2012 - amended October 2021;
- Methodology 2013 - amended November 2020;
- Procedures for the FATF Fourth Round of AML/CFT Mutual Evaluations - amended January 2021;
- Consolidated Processes and Procedures for Mutual Evaluations and Follow-Up (Universal Procedures) - amended January 2021.
The FATF identifies jurisdictions with strategic deficiencies in their frameworks to combat money laundering and the financing of terrorism and proliferation: high-risk jurisdictions subject to a call for action and jurisdictions under increased monitoring.Combatting terrorism financing is also a top priority for the FATF, and a key part of the FATF’s objectives in strengthening financial sector integrity and contributing to safety and security. The FATF Strategy on Combating Terrorist Financing sets out the objectives for FATF’s work in this area. Under this strategy, the FATF, in collaboration with the FATF-style regional bodies and other partners such as the UN, carries out its work to support countries around the world in combatting terrorist financing.
In terms of blockchain and cryptocurrency regulation, FATF has issued global standards to prevent the misuse of virtual assets for money laundering and terrorist financing. The standards aim to ensure that virtual assets are treated fairly, applying the same safeguards as the financial sector. FATF’s rules apply when virtual assets are exchanged for fiat currency, but also when they are transferred from one virtual asset to another.
