The Financial Action Task Force (FATF) is at the forefront of the global fight against money laundering (ML), terrorism financing (TF) and proliferation financing (PF). Through its global standards, the 40 Recommendations, the FATF requires countries to put in place robust national frameworks and build capabilities and tools to detect and combat these crimes. The FATF has made significant progress since its inception in 1989. Today, more than 200 countries are committed to implementing the FATF’s Standards, and most of them now have the laws, regulations and operational frameworks in place to tackle ML, TF and PF. However, technical compliance with FATF’s requirements does not automatically translate into effective action.
Therefore, in the current 4th round of mutual evaluations, the FATF initiated the assessment of effectiveness of anti-money laundering/countering financing of terrorism and proliferation financing (AML/CFT/CFP) measures, and in the next round of mutual evaluations, due to begin in 2025, the FATF will place even greater emphasis on effectiveness.
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