FATF
Financial Action Task Force
Definition
The inter-governmental body that sets international standards for combating money laundering, terrorist financing, and proliferation financing. FATF issues the 40 Recommendations which form the global AML/CFT framework and conducts mutual evaluations of member countries' compliance.
Regulatory Context
Founded in 1989 by the G7, FATF's grey and black lists have significant implications for jurisdictions deemed non-compliant. Its recommendations are not legally binding but are effectively mandatory through peer pressure and international cooperation mechanisms.