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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 ...
FATF has been providing policy recommendations since 1990 and their recommendations have been revised four times since then. FATF also monitors the situations of its members in establishing adequate measures and institutions to fight against money laundering and terrorist financing.
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.
As of June 2017, the UK's PEP definition is identical to the 2012 FATF definition, i.e. including reference to domestic PEPs; it is found in the Money Laundering Regulations 2017 Section 35(12). [21] A PEP is considered to be any individual who fits any of the criteria listed below:
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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.
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