Financial Action Task Force (FATF)
Global body setting AML/CFT standards and evaluating country compliance.
Detailed Description
Financial Action Task Force (FATF)
What is the primary purpose of the FATF?
The primary purpose of the FATF is to establish international standards to combat financial crime, enhancing global cooperation against money laundering and terrorist financing.
When was the FATF established?
The FATF was established in 1989 by the G7 countries during a summit in Paris.
How many member jurisdictions are part of the FATF?
The FATF comprises 39 member jurisdictions, including major economies and regional organizations.
What are mutual evaluations in the context of FATF?
Mutual evaluations are assessments where member countries are reviewed on their compliance with FATF standards and the effectiveness of their anti-money laundering and counter-terrorist financing measures.
What challenges does the FATF face?
The FATF faces challenges such as criticisms of its recommendations being overly burdensome, concerns about the effectiveness of mutual evaluations, and perceptions of bias in its assessments.