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THE FATF FORTY RECOMMENDATIONS AND SPECIAL RECOMMENDATIONS ON TERRORIST FINANCING


The primary policies issued by the FATF are the Forty Recommendations on money laundering and the Special Recommendations on Terrorist Financing

Together, the Forty Recommendation and Special Recommendations on Terrorist Financing set the international standard for anti-money laundering measures and combating the financing of terrorism. Both sets of FATF Recommendations are intended to be implemented at the national level through legislation and other legally binding measures.

The FATF issued the Forty Recommendations in 1990 and completely revised them in 1996 and 2003. The current (2003) Forty Recommendations require states, among other things, to:

  • implement relevant international conventions

  • criminalise money laundering and enable authorities to confiscate the proceeds of money laundering

  • implement customer due diligence (eg identity verification), record keeping and suspicious transaction reporting requirements for financial institutions and designated non-financial businesses and professions

  • establish a Financial Intelligence Unit to receive and disseminate suspicious transaction reports, and

  • cooperate internationally in investigating and prosecuting money laundering.


The FATF issued 8 Special Recommendations on Terrorist Financing in October 2001, following the September 11 Terrorist Attacks in the United States . The FATF issued a ninth Special Recommendation on Terrorist Financing in October 2004.

The Special Recommendations on Terrorist Financing broadly extend the application of the Forty Recommendations to terrorist financing and introduce new requirements relating to services such as Alternative Remittance , Wire Transfers and cash couriers as well as Non-profit Organisations .


MEMBERS


The FATF currently has 33 members, comprising 31 member countries and territories and 2 regional organisations, as follows:

# Argentina
# Australia
# Austria
# Belgium
# Brazil
# Canada
# Denmark
# European Commission (regional organisation)
# Finland
# France
# Germany
# Greece
# Cooperation Council For The Arab States Of The Gulf (regional organisation)
# Hong Kong, China
# Iceland
# Ireland
# Italy
# Japan
# Luxembourg
# Mexico
# Kingdom Of The Netherlands
# New Zealand
# Norway
# Portugal
# Russian Federation
# Singapore
# South Africa
# Spain
# Sweden
# Switzerland
# Turkey
# United Kingdom
# United States


OBSERVER MEMBERS


The People's Republic Of China , the 8 FATF-Style Regional Bodies and several international organisations including the International Monetary Fund and the World Bank hold observer status with the FATF.


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