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The Asia/Pacific Group on Money Laundering (APG) is a FATF-style regional inter-governmental (international) body, the members of which are committed to effectively implementing the international standards against money laundering (Anti–money laundering or AML), combating the financing of terrorism (CFT) and financing the proliferation of weapons of mass destruction.
The Financial Action Task Force (FATF), also known by its French name, Groupe d'action financière (GAFI), is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering and to maintain certain interest. [3] In 2001, its mandate was expanded to include terrorism financing.
Financial Action Task Force Membership Map 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 Financial Action Task Force (FATF), a global anti-money laundering (AML) agency, has released its updated guidance for firms that handle crypto and virtual assets. "The Hash" team discusses ...
Initially, the Group was known as the Asian Group. [8] However, by the 1970s, Pacific island nations were gaining independence and joining the group. By the mid-2000s the number of Pacific island nations in the group had reached over one fifth of the membership, so they began to advocate for a change of name of the Group. [9]
The current FATF Methodology was adopted in 2013 and is used by MONEYVAL to assess the technical compliance with the 40 FATF recommendations and the effectiveness of AML/CTF systems. For each recommendation, targeting a specific aspect of ML and CTF, ratings of technical compliance are assigned to a state or jurisdiction.
The Egmont Group of Financial Intelligence Units is an international organization that facilitates cooperation and intelligence sharing between national financial intelligence units (FIUs) to investigate and prevent money laundering and terrorist financing. National FIUs collect information on suspicious or unusual financial activity and are ...
To put together the financing for the $4.1 billion project, Tata sought help from the World Bank Group’s International Finance Corporation. For the World Bank Group, the project came with public relations risks. It was under pressure to stop financing carbon-spewing coal plants.