|Subject Area||Institutional and Market Infrastructure|
|Date of Issuance||
40 Recommendations first adopted in 1990, revised in 1996 and 2003. Further revised comprehensive Recommendations reissued February 2012. 9 Special Recommendations first adopted in 2001.
A complete set of counter-measures against Money Laundering and the Financing of Terrorism and Proliferation, covering the required legal, regulatory, and operational measures.
The FATF Recommendations, including their Interpretative Notes, set out the global standards for implementing an effective system for combating money laundering and the financing of terrorism and proliferation, and provide a basic framework to detect, prevent and suppress these crimes. The FATF Standards are supplemented by non-binding Guidance and Best Practices papers.
The FATF Recommendations cover:
FATF Members' compliance with the standards is assessed at approximately seven-year intervals through a peer-review process. A team of experts prepare a detailed Mutual Evaluation Report on the basis of laws, regulations and other material, questionnaire responses, and a two-week on-site assessment in which all relevant governmental and private sector bodies are interviewed. Reports are discussed and adopted by the entire membership, and jurisdictions' level of compliance with each recommendation is assessed, rated and deficiencies identified. Jurisdictions failing to achieve a sufficient level of compliance are subject to a follow-up process which regularly monitors progress in addressing deficiencies; and may be subject to a graduated set of measures designed to encourage countries to enhance their systems. Similar assessments are conducted by the FATF-style regional bodies, the IMF and World Bank.
|Date of Issuance||February 2004 (to be revised)|