- The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions.
- The objectives of the 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.
- The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
The Financial Action Task Force (FATF) is such global standard setting body for anti- money laundering and combating the financing of terrorism (AML/CFT).
The FATF was formed at the efforts of the OECD, which is a group of the developed countries.
At present, the FATF has 37 member countries and 2 regional organizations (GCC and EU), representing most major financial centres in all parts of the globe.
India joined FATF as 34th member in 2010.
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