FINANCIAL ACTION TASK FORCE (FATF)

• Establishment: FATF was established in 1989 during a G7 summit held in Paris.

• Initial Mandate: Its primary objective was to combat money laundering globally.

• First Meeting: The inaugural meeting took place in Paris in 1989.

• Forty Recommendations: In 1990, FATF issued Forty Recommendations to provide a framework for anti-money laundering efforts.

• Expansion: Over time, FATF expanded its focus to include combating the financing of terrorism (CFT).

• Global Influence: FATF sets international standards for AML/CFT efforts, widely adopted by countries worldwide.

• Mutual Evaluations: Conducts peer reviews to assess member countries' compliance with FATF standards.

• Public Statements: Issues public statements identifying countries with deficiencies in AML/CFT regimes.