Financial Crime World

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MAYOTTE: FATF Guidelines Aim to Combat Money Laundering, Terror Financing

The Financial Action Task Force (FATF), an intergovernmental body established in 1989, has set its sights on protecting financial systems and the broader economy from threats of money laundering and the financing of terrorism and proliferation.

Objectives

FATF’s objectives are twofold:

  • Strengthen financial sector integrity
  • Contribute to safety and security

Tasks

To achieve these goals, FATF carries out a range of tasks:

Identifying and Analyzing Threats

  • Identify and analyze money laundering, terrorist financing, and other threats to financial system integrity
  • Examine the impact of measures designed to combat misuse of the international financial system
  • Support national, regional, and global threat and risk assessments

Developing International Standards

  • Develop and refine international standards for combating money laundering and the financing of terrorism and proliferation
  • Assess and monitor member countries through “peer reviews” or mutual evaluations
  • Determine the degree of technical compliance, implementation, and effectiveness of systems to combat these threats

Engaging with High-Risk Jurisdictions

  • Identify and engage with high-risk, non-cooperative jurisdictions and those with strategic deficiencies in their national regimes
  • Coordinate action to protect the integrity of the financial system against these threats

Implementation and Promotion

FATF promotes full and effective implementation of its recommendations by all countries through:

  • A global network of FATF-style regional bodies (FSRBs) and international organizations
  • Response to significant new and emerging threats and risks, preparing guidance as needed to facilitate implementation of relevant international obligations

Assistance and Engagement

FATF assists jurisdictions in implementing financial provisions of United Nations Security Council resolutions on terrorism and non-proliferation. The organization:

  • Assesses the degree of implementation and effectiveness of these measures
  • Maintains engagement with other international organizations and bodies, including the United Nations
  • Engages and consults with the private sector and civil society on matters related to its work

Conclusion

Overall, FATF’s guidelines aim to strengthen financial sector integrity and contribute to safety and security by combating money laundering, terrorist financing, and proliferation of weapons of mass destruction.