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FATF


Overview:


Established1989
Membership38 Members
HeadquarterParis, France
PresidentMarshall Billingslea

The FATF (Financial Action Task Force) is an international intergovernmental organisation.

Establishment of the Forum:

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.

Members of the FATF:

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:

flag-iconAustraliaflag-iconArgentina
flag-iconBrazilflag-iconJapan
flag-iconCanadaflag-iconAustria
flag-iconChinaflag-iconMexico
flag-iconFranceflag-iconIndia
flag-iconDenmarkflag-iconFinland
flag-iconGreeceflag-iconHong Kong
flag-iconIcelandflag-iconIreland
flag-iconIsraelflag-iconNetherlands
>
flag-iconBelgiumflag-iconSouth Korea
flag-iconSouth Africaflag-iconTurkey
flag-iconThe United Kingdomflag-iconRussia
flag-iconThe United Statesflag-iconItaly
flag-iconGermany
flag-iconLuxembourgflag-iconMalaysia
flag-iconNew Zealandflag-iconNorway
flag-iconPortugalflag-iconSingapore
flag-iconSpainflag-iconSweden
flag-iconSwitzerland

Recommendations:

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 Objectives of FATF:

The main objectives of the FATF are Combating money laundering and terrorist financing.

Headquarter:

The headquarter of the FATF is situated in Paris, France.

India and FATF:

India is an active member of the FATF.




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