Established by the G-7 Summit in Paris in 1989 to examine measures to combat money laundering. In April 1990, the FATF issued a report containing a programme of 40 Recommendations in this area. The Recommendations are designed to provide a comprehensive blueprint for action against money laundering covering the criminal justice system and law enforcement; the financial system and its regulation; and international cooperation. The Recommendations are not a binding international convention, but each of the FATF members has made a firm political commitment to combat money laundering. In 1996 the Recommendations were modified to take into account recent money laundering trends and potential future threats.
FATF concentrates on three main tasks:
- monitoring members' progress in implementing measures to counter money laundering through a two-fold process of annual self-assessment and a more detailed mutual evaluation;
- reviewing money laundering trends, techniques and counter-measures and their implications for the 40 Recommendations; and
- promoting the adoption and implementation of the FATF Recommendations by non-member countries.
Member states are
Argentina, Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong (China), Iceland, Ireland, Italy, Japan, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, Turkey, United Kingdom, United States, the European Commission and the Gulf Co-operation Council.
