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FATF standards and implementation

The FATF has developed a series of recommendations that are recognised as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction.  They form the basis for a co-ordinated response to these threats to the integrity of the financial system and help ensure a level playing field.  First issued in 1990, the FATF Recommendations were revised in 1996, 2001, 2003 and most recently in 2012 to ensure that they remain up to date and relevant, and they are intended to be of universal application.

 FATF Key Areas

Financial Action Task Force key areas

 

The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally.  In collaboration with other international stakeholders, the FATF works to identify national-level vulnerabilities with the aim of protecting the international financial system from misuse.

The FATF conducts peer reviews of each member on an ongoing basis to assess levels of implementation of the FATF Recommendations, providing an in-depth description and analysis of each country’s system for preventing criminal abuse of the financial system.

The IMF, UNODC, World Bank Group and other institutions provide technical assistance to help countries in the effective implementation of the FATF standard. As observers at FATF, the IMF, UNODC and the World Bank Group also contribute to the development of policy and analytical work on AML/CFT. The IMF also provides policy advice on AML/CFT, when relevant for economic stability, in the context of regular surveillance of its membership (see chapter II.F).