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FATF was formed at the 1989 G7 Summit in Paris to combat the growing problem of money laundering. The task force was charged with studying money laundering trends, monitoring legislative, financial and law enforcement activities taken at the national and international level, reporting on compliance, and issuing recommendations and standards to combat money laundering.
FATF also monitors the situations of its members in establishing adequate measures and institutions to fight against money laundering and terrorist financing. FATF also makes sure that it is aware of national-level vulnerabilities of its member states "with the aim of protecting the international financial system from misuse." [9]
It is a permanent monitoring body of the Council of Europe, with 35 member states and jurisdictions out of which 32 are assessed exclusively by MONEYVAL. According to Article 2 of its Statute, evaluations cover member states of the Council of Europe which are not members of the Financial Action Task Force (FATF) (28 states). Through decisions ...
However, in 2022, the UAE fell into a risk of being named in the Financial Action Task Force (FATF) "grey list". The list defines nations determined to have "strategic deficiencies" in combating money laundering and terrorist financing. [64] On 4 March 2022, FATF placed the UAE in its 'grey' list of countries that are subject to increased ...
The Financial Action Task Force (FATF) was formed. 16th: 9–11 July 1990 United States: George H. W. Bush: Houston, Texas: 17th: 15–17 July 1991 United Kingdom: John Major: London, England: 18th: 6–8 July 1992 Germany: Helmut Kohl: Munich, Bavaria: The first G7 summit in reunified Germany. 19th: 7–9 July 1993 Japan: Kiichi Miyazawa ...
Financial Action Task Force (FATF) is an intergovernmental organisation which has established 40 recommendations and functions as a "standard setter" to promote effective measures against money laundering and financing of terrorism, among other things. FATF evaluates its member states to guarantee the established recommendations are being followed.
In this list of financial regulatory and supervisory authorities, central banks are only listed where they act as direct supervisors of individual financial firms, and competition authorities and takeover panels are not listed unless they are set up exclusively for financial services.
In the United Kingdom, various titles are used for the head of government of each of the countries of the United Kingdom, Crown Dependencies, and Overseas Territories. ...