Financial Action Task Force (FATF)

Is an intergovernmental organization established in 1989 by the ministers of its member states. The group currently consists of 35 countries and two regional organizations, the European Commission and the Gulf Cooperation Council. It has several observers from international organizations as well as regional and regional financial working groups, including the Minatif Group.

The functions of the Group are to develop standards and to promote the effective implementation of legal, regulatory and operational measures against money laundering, financing of terrorism, financing of arms proliferation and other threats to the integrity of the international financial system. It also works in cooperation with other relevant international actors to identify weaknesses at the national level with a view to protecting the international financial system from exploitation through mutual assessments. The FATF also produces guidelines, best practice papers, and other guidance tools aimed at assisting countries in implementing the FATF standards.

Financial Action Group (FATF)