FATF

FATF is an international taskforce of financial measures to combat money laundering, which develops world standards in the sphere of anti-money laundering and combating the financing of terrorism (AML/CFT) and evaluates national AML/CFT systems for compliance with such standards.

FATF was established in 1989 by decision of the G7 countries and is the foremost international institution developing and implementing international AML/CFT standards. FATF members are 34 countries and 2 organizations. FATF observers are 20 organizations and 2 countries.
The chief FATF instrument for realizing its mandate are the 40 AML Recommendations that are revised once every five years and 9 special CFT recommendations developed in the wake of the 9/11 events in the face of the growing threat of international terrorism.

Under the UN Security Resolution No.1617 (2005), the FATF 40 9 Recommendations are mandatory international standards to be complied with by UN member states.

The main decision-making tool of FATF is the Plenary that meets three times a year as well as FATF working groups:

  • on evaluations and implementation;
  • on typologies;
  • on terrorist financing and money laundering;
  • on international cooperation.

FATF focuses a great deal of attention on the cooperation with such international organizations as the IMF, World Bank, and the UN Office on Drugs and Crime. These structures implement their own AML/CFT programs.

One of the chief instruments for implementing FATF recommendations at the national level is a Financial Intelligence Unit that is tasked with collecting and analyzing financial data on the nationwide scale in order to detect illicit cash flows.

EAG is an observer to FATF since February 2005 and a FATF-style regional body (FSRB). In June 2010 EAG was granted associate member status within the FATF.

Proper measures have been undertaken to bring EAG into line with the new FATF requirements for FSRBs. EAG has applied for FATF Associate Member status. Russia and China are EAG member states that are also FATF members.

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    EAG in the news

    22.03.2017
    Dialogue on FinTech and RegTech: Opportunities and challenges Chairman’s Summary of Outcomes from the FATF Private Sector Consultative Forum, Vienna, 20-22 March 2017
    22.03.2017
    Dialogue with the Private Sector Chairman’s Summary of Outcomes from the FATF Private Sector Consultative Forum, Vienna, 20-22 March 2017
    13.03.2017
    Financial Monitoring Department Wins Runner-Up Award in Egmont Group's Best Case Study Contest The Financial Monitoring Department of the State Control Committee of Belarus (FMD) became runner-up in the latest Egmont Group's best case study contest, whose results were announced at the Group's Plenary meeting in Doha (Qatar).
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