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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.
According to its official website, there are 39 members of FATF (earlier 40 members, Russia's membership was suspended in Feb 2023) and two Regional Organisations (European Union and Gulf Cooperation Council), representing most financial centers around the world. [10] The list consisted of the following countries: [11]
The FATF Secretariat is housed at the headquarters of the OECD in Paris. In October 2001, FATF expanded its mission to include combating the financing of terrorism. FATF is a policy-making body that brings together legal, financial, and law enforcement experts to achieve national legislation and regulatory AML and CFT reforms.
[citation needed] No 'official' PEP list exist. The CIA and UN have lists of heads of state, which fall under the PEP definitions of FATF. Vendors maintain their own particular database of PEPs [11] and other high-risk customers. There are a number of crowd sourced lists of PEPs being made available utilizing public contributions. [citation needed]
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The following organizations are also eligible for observer status within GIABA: the Central Banks of Signatory States, regional Securities and Exchange Commissions, UEMOA, Banque Ouest Africaine pour le Développement , the French Zone Anti-Money Laundering Liaison Committee (Conseil Régional de l'Epargne Public et des Marchés Financiers ...
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The CFATF was established as the result of two key meetings convened in Aruba in and Jamaica. [2] [3] In Aruba in 1990 representatives of Caribbean and Central American countries developed a general approach to the problem of the laundering of criminal proceeds and made 19 recommendations.