FATF – Financial Action Task Force
The Financial Action Task Force (FATF) is an intergovernmental body created in 1989 by the G7 to tackle the growing problem of the laundering of drug money. In 1996 the FATF shifted its scope from laundering of drug money to the proceeds of all serious predicate offences. Following the attacks of 11 September 2001 its mandate was broadened to terrorist financing.
The objectives of the FATF are to develop standards and promote the effective implementation of legislative, regulatory and operational measures on combating money laundering, terrorist financing and other threats to the integrity of the international financial system.
The FATF developed 40 Recommendations, which are recognised as the international standards for combating money laundering, terrorist financing and the proliferation of weapons of mass destruction. They form the basis of a coordinated response to these threats to the integrity of the financial system and contribute to the harmonisation of the global rules.
These 40 Recommendation include legislative and statutory measures, as well as measures on international cooperation and prevention that must be taken by countries, authorities responsible for combating money laundering and terrorist financing, financial institutions and other players such as casinos, real estate agents, legal professions or accounting professionals.
The FATF Recommendations, which were published in 1990, were revised in 1996, 2001, 2003, and more recently in 2012 to ensure they remain up to date and relevant. They should be implemented by all countries of the world.
The FATF also monitors the progress of members implementing the required measures, examines money laundering and terrorist financing techniques and measures to combat these issues, promotes the adoption and implementation of adequate global measures. Together with other international players the FATF also identifies countries vulnerable with regard to money laundering and terrorist financing to protect the international financial system from misuse.
The Belgian delegation taking part in FATF meetings is led by the Federal Public Service Finance – Treasury. CTIF-CFI regularly contributes to typological studies and threat analyses by the FATF.
The FATF plenary meeting publishes a statement in October, February and June with a list of countries subject to countermeasures, countries with strategic deficiencies or persistent weaknesses and countries that have deficiencies but which have committed to cooperating with the FATF and have developed an action plan to remedy these weaknesses.