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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.
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 ...
A financial intelligence unit (FIU) is a national body or government agency or international organization [1] [2] which collect information on suspicious or unusual financial activity from the financial industry and other entities or professions required to report suspicious transactions, suspected of being money laundering or terrorism financing.
Founding stakeholders include the G-7 Heads of State or Government, the President of the European Commission and eight other countries. [ 8 ] The term "non-cooperative" was criticized by some analysts as misleading, as a number of countries on the list simply lacked the infrastructure or resources to cope with relatively sophisticated financial ...
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.
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 financial regulation, a politically exposed person (PEP) is one who has been entrusted with a prominent public function.A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence they may hold.
The Financial Action Task Force on Money Laundering (FATF), an initiative of the Organisation for Economic Co-operation and Development (OECD), is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the FATF are to