Financial Action Task Force

Financial Action Task Force

Financial Action Task Force Membership Map
Abbreviation	FATF
Formation	1989; 35 years ago (1989)
Type	Intergovernmental organisation
Purpose	Combat money laundering and terrorism financing
Headquarters	Paris
Region served	Europe
Membership	40
Official language	English, French
President	T. Raja Kumar[1]
Vice-President	Jeremy Weil[2]
Website	fatf-gafi.org

The Financial Action Task Force (on Money Laundering) ('FATF, aka "Fatfee"), 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 objectives of FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. FATF is a "policy-making body" that works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.^[4] FATF monitors progress in implementing its Recommendations through "peer reviews" ("mutual evaluations") of member countries.

Since 2000, FATF has maintained the FATF blacklist (formally called the "Call for action") and the FATF greylist (formally called the "Other monitored jurisdictions").^[5][6][7][8] The blacklist has led financial institutions to shift resources and services away from the listed.^[9] This in turn has motivated domestic economic and political actors in the listed countries to pressure their governments to introduce regulations that are compliant with the FATF.^[9]