Financial Action Task Force (FATF)Email to Friend  Print

The Financial Action Task Force (FATF) is an inter-governmental body whose purpose is the development and promotion of policies, both at national and international levels, to combat money laundering and terrorist financing.  The Task Force is therefore a "policy-making body" which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

Since its creation the FATF has spearheaded the effort to adopt and implement measures designed to counter the use of the financial system by criminals.  It established a series of Recommendations in 1990, revised in 1996 and in 2003 to ensure that they remain up to date and relevant to the evolving threat of money laundering, that set out the basic framework for anti-money laundering efforts and are intended to be of universal application.

The FATF monitors members' progress in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally.  In performing these activities, the FATF collaborates with other international bodies involved in combating money laundering and the financing of terrorism.  For more on Mutual Evaluations see  monitoring implementation of the FATF Recommendations.

The Financial Action Task Force has revised the Recommendations after more than two years of efforts by member countries. The Recommendations are used by more than 180 governments to combat money laundering and terrorist financing. The revisions, made with inputs from governments, the private sector, and civil society, provide authorities with a stronger framework to act against criminals and address new threats to the international financial system. please see the FATF Recommendations February 2012.

The FATF does not have a tightly defined constitution or an unlimited life span.  The Task Force periodically reviews its mission.  The FATF has been in existence since 1989.  The current mandate  of the FATF (for 2004-2012) was subject to a mid-term review and was approved and revised at a Ministerial meeting in April 2008.  For more information on the FATF’s role, please see the FATF's standards.

History of the FATF

In response to mounting concern over money laundering, the Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit that was held in Paris in 1989.  Recognising the threat posed to the banking system and to financial institutions, the G-7 Heads of State or Government and President of the European Commission convened the Task Force from the G-7 member States, the European Commission and eight other countries.

The Task Force was given the responsibility of examining money laundering techniques and trends, reviewing the action which had already been taken at a national or international level, and setting out the measures that still needed to be taken to combat money laundering.  In April 1990, less than one year after its creation, the FATF issued a report containing a set of Forty Recommendations, which provide a comprehensive plan of action needed to fight against money laundering. 

In 2001, the development of standards in the fight against terrorist financing was added to the mission of the FATF.  In October 2001 the FATF issued the Eight Special Recommendations to deal with the issue of terrorist financing.  The continued evolution of money laundering techniques led the FATF to revise the FATF standards comprehensively in June 2003.  In October 2004 the FATF published a Ninth Special Recommendations, further strengthening the agreed international standards for combating money laundering and terrorist financing - the 40+9 Recommendations.

During 1991 and 1992, the FATF expanded its membership from the original 16 to 28 members. In 2000 the FATF expanded to 31 members, and has since expanded to its current 36 members. For more see FATF members and observers.

 

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AML Laws

Law No.(4) of 2010, Combating Money Laundering and Terrorism Financing.
Law No.(3) of 2004, Combatting Terrorism.
Law No.(11) of 2004, Penal Code Of Qatar.
Law No.(23) of 2004, Code Of Criminal Procedures.

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