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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.
The Group of Asia and the Pacific Small Island Developing States (often shortened as Asia and the Pacific or Asia–Pacific Group) is one of the five United Nations regional groups and is composed of 54 Member States from Asia and Oceania. [1] [2] The Group, as with all the regional groups, is a non-binding dialogue group where subjects ...
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 ...
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 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.
[citation needed] Also in 2010, the 1988 Convention on Mutual Administrative Assistance in Tax Matters was amended to include automated exchange of tax information, a key instrument in fighting tax evasion, and expanding it to developing countries. [18] In 2013, a working group was formed to promote the automated exchange of tax information.
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 ...