FATF is an organization that prevents the global crime of money laundering and terrorist financing. This institution, agreed by the governments, sets rules to prevent illegal activities and the damage they cause. FATF makes legal regulations in these areas.
More than 200 countries are implementing these practices. FATF has established global FATF standards to prevent various crimes such as money laundering, corruption, and terrorism financing. It creates regulations to prevent money laundering from drug trafficking and human trafficking.
FATF is constantly updating its money laundering and terrorist financing regulations, and it is constantly making regulations and revising against cryptocurrencies. FATF constantly audits countries for the implementation of FATF standards.
In October 2001, FATF took the mission one step further by putting the crime of financing terrorism on its agenda. In April 2012, it went one step further and started work to prevent the spread of mass destruction weapons.
Among the objectives of the FATF are to prevent crimes such as money laundering and terrorist financing. Moreover, it plays a regulatory role not to disrupt the financial system and encourages the effective implementation of measures. It controls their stance against money laundering and terrorist financing and aims to globalize the FATF Recommendations.
The duties assigned to the Task Force are as follows;
The duties assigned to the Task Force are as follows; To investigate money laundering crimes, to check the measures taken, to explain what can be done to combat money laundering. In April 1990, the FATF published a report containing Forty Recommendations to combat money laundering.
In 2001, the FATF also addressed the issue of combating terrorist financing and published Eight Special Recommendations. These rules were widely updated in June 2003. In October 2004, the FATF issued an additional Ninth Special Recommendations and further expanded its coverage.
In February 2012, FATF broadly regulated its standards and published the FATF Recommendations. The purpose of this revision is to protect the integrity of the financial system. These practices, which have been revised against new crimes, are more inclusive. The 9 Special Recommendations on terrorist financing have been embedded in others.
As seen in the explanations above, the Financial Action Task Force (FATF) was established against financial crimes. FATF encourages countries that implement these practices poorly and ensures that they do so whenever possible. Today, many financial institutions need to scan and control their customers constantly, and they need to monitor the movements in their accounts. At this point, the Sanction Scanner comes into play.
Sanction Scanner AML Compliance Solutions ensures the prevention of money laundering in any situation in your business and offers end-to-end features, ensuring you comply with FATF regulations. Sanction Scanner AI-powered AML solutions alleviate your compatibility pain. This way, you can easily follow FATF recommendations and avoid legal penalties. Contact us for more details or request a demo.