Financial Action Task Force

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Financial Action Task Force
FATF.png
Founded July, 1989
Headquarters Paris, France
Products International Body
Web site www.fatf-gafi.org

The Financial Action Task Force was created by the G7 in 1989 to help combat the growing issue of money laundering.

Background

Created in 1989, it was tasked with coming up with recommendations to combat money laundering, financing of terrorism, and financing for proliferation of weapons of mass destruction. In 1990, they published their set of forty recommendations that would later be codified into U.S. and E.U. law. [1]

High Risk and Non-Cooperative Jurisdictions List

Commonly called the black list, this list includes jurisdictions that have strategic AML/CFT deficiencies that are thus subject to counter-measures. Additionally it includes jurisdictions with strategic AML/CFT deficiencies that have not made sufficient process in addressing in said deficiencies.

This list includes:

  • The Islamic Republic of Iran
  • The Democratic Peoples Republic of Korea [2]

It should be noted that the Office of Foreign Assets Control list is a separate list.

References

  1. Who we are. FATF. Retrieved on June 2nd, 2015.
  2. High-risk and non-cooperative jurisdictions. FATF. Retrieved on June 2nd, 2015.

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