The full form of FATF is Financial Action Task Force.

The Financial Action Task Force (on Money Laundering) (FATF), also known by its French name, Groupe d’action financière (GAFI), is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering. In 2001, its mandate was expanded to include terrorism financing.

The Financial Action Task Force (FATF) is an inter-governmental policymaking body whose purpose is to establish international standards, and to develop and promote policies, both at national and international levels, to combat money laundering and the financing of terrorism. It was formed in 1989 to set out measures to be taken in the fight against money laundering. Since then, the FATF has issued 40 recommendations to fight money laundering and 9 special recommendations to fight terrorist financing. FinCEN supports the Department of the Treasury’s efforts to promote the adoption of international standards involving anti-money laundering and the counter-financing of terrorism (AML/CFT), including through the FATF where FinCEN led the delegation from 1994 through 1998. The FATF membership is currently made up of 32 countries and territories and two regional organizations. Eight regional bodies similar to FATF, known as FATF Style Regional Bodies, have also developed. The FATF Style Regional Bodies have similar forms and functions to those of the FATF, and some FATF members are also members of these bodies. For more information on the FATF and FATF Style Regional Bodies, consult their Web sites:

The FATF Recommendations are the international standards set by the FATF to combat money laundering, terrorist financing, and more recently, the financing of proliferation. They cover the comprehensive set of measures that countries should have in place within their criminal justice and regulatory systems; the preventive measures to be taken by financial institutions and other businesses and professions; measures to ensure transparency on the ownership of legal persons and arrangements; the establishment of competent authorities with appropriate functions, and powers and mechanism for cooperation; and arrangements to cooperate with other countries.