The FATF (Financial Action Task Force) is an international intergovernmental organisation.
The FATF was established in 1989 by the G7 summit held in Paris, France. At that time, the G7 heads of states and the president of the European Commission convened the task force from the G7 member states, the European Commission, and the eight other member states.
Initially, FATF was formed with 16 members, and during 1991-1992, the FATF expanded its members from the original 16 to 28 members. In the year 2000, the FATF expanded to 31 members and has since expanded to its current 38 members. Currently, FATF comprises 36 member states, 2 regional organizations as the members, and 2 observer states. Two regional organizations are GCC (Gulf Cooperation Council), and the European Commission. Two observer states are Indonesia and Saudi Arabia.
36 Member states:
|The United Kingdom||Russia|
|The United States||Italy|
Recommendations are intended to provide a comprehensive plan of action needed to fight against money laundering.
April, 1999 – 40 Recommendations.
October, 2001 – 8 Special Recommendations.
October 2004 – Ninth Special Recommendation.
February 2012 – Reviewed Previous Recommendations.
The main objectives of the FATF are Combating money laundering and terrorist financing.
The headquarter of the FATF is situated in Paris, France.
India is an active member of the FATF.