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

    03.10.2017
    Participation in the MONEYVAL Plenary The interagency government delegation – led by Rosfinmonitoring and comprised of representatives of the Russian Foreign Ministry, Finance Ministry, Federal Security Service and the Bank or Russia – took part in the meeting of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and Financing of Terrorism (MONEYVAL), held in Strasbourg on September 26-28
    25.09.2017
    III International seminar "Effective supervision as a mechanism for ensuring transparency and stability of the financial system" was conducted in Moscow On September 20-21, III International seminar "Effective supervision as a mechanism for ensuring transparency and stability of the financial system" was conducted in Moscow
    22.09.2017
    Following the seminar on "Best Practices and International Standards on Preventing the Abuse of NPOs for the Purpose of Terrorist Financing" On September 20, 2017, in Astana, the Financial Monitoring Committee of the Ministry of Finance of the Republic of Kazakhstan, in conjunction with the OSCE Programme Office in Astana, conducted a training seminar on "Best Practices and International Standards on Preventing the Abuse of Non-profit Organizations (NPOs) for the Purpose of Terrorist Financing"
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