Financial Action Task Force
The 'Financial Action Task Force' is an inter-governmental policy-making body. Its objective is to formulate detailed legal, regulatory and operational guidelines to combat money laundering and terrorist financing in the world so as to protect the international financial system from the above threats.
It was established in the year 1989 during the G-7 conference held in Paris. Its secretariat is located in the Paris headquarters of the Organization for Economic Co-operation and Development. At present 35 nations and 2 regional organisations including India 'European Commission' and 'Gulf Cooperation Council' are its members. Israel and Saudi Arabia are its two observer states.
In addition to these, the FATF includes the World Bank, International Monetary Fund,World Customs Organization, Organization for Economic Cooperation and Development,Interpol.
The European Central Bank, the Asian Development Bank, the Basel Committee on Banking Supervision, the United Nations' specialized organisations dealing with terrorism and money laundering, have observer status.
Main work
'This organization to combat money laundering and terrorist financing. Sets international standards.
"Assessment of financial sources of terrorism and areas identified for money laundering in terms of compliance with 'FATF standards' and surveillance.Money laundering and terrorist financing methods, trends, and techniques of newly emerging threats, such as nuclear, chemical and biological weapons to study Prohibiting financing promoting the spread of.
