The FATF was created in 1989 by the Group of Seven countries.
The FATF comprises 34 member jurisdictions and 2 regional organisations.
The main tool of the FATF is its Internatonal standards on combating money laundering, financing of terrorism & proliferation, the FATF Recommendations, which were developed after Sept. 11, 2001.
Compliance with these standards enables countries to build effective AML/CFT systems and protect the national economy from shadow capital.
According to UN Security Council Resolution 1617, the 40 9 FATF Recommendations are binding for the states comprising the United Nations.
In order to extend international standards to countries outside the FATF, 8 regional groups of its type have been set up. The EAG is one of them.
In February 2005, the EAG was granted observer status in the FATF. The Eurasian Group has been an associate member of the FATF since June 2010.
Associate member status made it possible to intensify the process of mutual integration of the EAG and the FATF: all the states of the Eurasia Group, even those that aren’t members of the FATF, can now participate in its work on behalf of the EAG. In turn, the FATF states may participate in the activities of the EAG, including the working groups, plenary meetings and other events.
Associate Member status in the FATF is recognition of the group’s achievements from the international community.