THE FINANCIAL ACTION TASK FORCE (FATF)
The Financial Action Task Force (FATF) was established in July 1989 by a Group of Seven (G-7) Summit in Paris, initially to examine and develop measures to combat money laundering. In October 2001, it included efforts to combat terrorist financing and in April 2012, it added efforts to counter the financing of proliferation of weapons of mass destruction.
It is an inter-governmental body which sets standards and promotes effective implementation of legal, regulatory, and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
There are 37 member jurisdictions and 2 regional organisations, representing most major financial centres in all parts of the globe.
These are:
Argentina; Australia; Austria; Belgium; Brazil; Canada; China; Denmark; European Commission; Finland’; France; Germany; Greece; Gulf Co-operation Council; Hong Kong, China; Iceland; India; Ireland; Israel; Italy; Japan; Republic of Korea; Luxembourg; Malaysia; Mexico; Kingdom of Netherlands; New Zealand; Norway; Portugal; Russian Federation; Saudi Arabia; Singapore; South Africa; Spain; Sweden; Switzerland; Turkey; the United Kingdom and the United States of America.
South Africa has been a member of FATF since 2003.
It conducts reviews of each member on an ongoing basis to assess levels of implementation of the FATF and monitors the progress of its members in implementing necessary measures.
The FATF has developed a series of Recommendations that are recognised as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction. The requirement in our local legislation gives effect to these.
Watch this video to see how the Financial Action Task Force evaluates its member countries.