FATF stands for the Financial Action Task Force which is a multi-governmental organisation set up in 1989 by the ministers of its member jurisdictions. FATF’s objectives are to establish standards and enable effective execution of operational, legal and regulatory measures for fighting against money laundering, financing of terrorists and other similar dangers to the integrity of the global financial system.
FATF oversees each nation’s progress in the implantation of its recommendations. It also monitors money laundering and terror financing methods and counter-measures. Apart from that, it also encourages the acceptance and execution of the FATF recommendations worldwide. During its first meeting which was under the presidency of Korea, the organisation concentrated on battling terror financing as its number 1 priority. At present, there are 37 member countries in FATF. It is headquartered in Paris, France with Roger Wilkins as its president.