The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The FATF Recommendations are recognized as the global anti-money laundering and counter-terrorist financing standard. It 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 FATF evaluates and monitors the AML/CFT system of member countries at regular intervals. The FATF Mutual Evaluation Report assesses the technical implementation and effectiveness of the AML/CFT system against the FATF 40 Recommendations adopted in 2012.
