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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 (Financial Action Task Force on Money Laundering), also GAFI (Groupe d'Action Financière): intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering; intensified European money laundering investigations during the crisis.
Formed in 1989 by the G7 countries, the Financial Action Task Force on Money Laundering (FATF) is an intergovernmental body whose purpose is to develop and promote an international response to combat money laundering. The FATF Secretariat is housed at the headquarters of the OECD in Paris. In October 2001, FATF expanded its mission to include ...
FATF incentivizes stricter regulations through its public noncomplier list, which leads financial institutions to shift resources and services away from the countries on the blacklist. This in turn motivates domestic economic and political actors in the listed countries to pressure their governments to introduce regulations that are compliant ...
The Central American country's first stint on the Financial Action Task Force's (FATF) so-called gray list, which can impact a country's investment ratings and reputation, was from 2014 to 2016.
Trinxet Dictionary of Legal Abbreviations and Acronyms Series. A Law Reference Collection, 2011, ISBN 1624680003 and ISBN 978-1-62468-000-7; Trinxet, Salvador. Trinxet Reverse Dictionary of Legal Abbreviations and Acronyms, 2011, ISBN 1624680011 and ISBN 978-1-62468-001-4. Raistrick, Donald.
The Financial Action Task Force on Money Laundering (FATF), which is recognized as the international standard setter for Anti-money Laundering (AML) efforts, defines the term "money laundering" briefly as "the processing of criminal proceeds to disguise their illegal origin" in order to "legitimize" the ill-gotten gains of crime.
FATF (Financial Action Task Force): While not an FIU itself, FATF is an international body that sets standards and promotes effective implementation of measures for combating money laundering and terrorist financing. It has a network of member countries and works closely with FIUs globally.