The Financial Action Task Force 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. Also, they make legal regulations in these areas.
More than 200 countries are implementing these practices. FATF has established global 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 continuously making regulations and revising against cryptocurrencies.
In October 2001, The Financial Action Task Force 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 its stance against money laundering and terrorist financing and aims to globalize The Financial Action Task ForceRecommendations.
The duties assigned are as follows;
In April 1990, The Financial Action Task Force published a report containing Forty Recommendations to combat money laundering.
In 2001, they 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 Financial Action Task Force issued an additional Ninth Special Recommendations and further expanded its coverage.
In February 2012, they 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.
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