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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.


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