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Financial Action Task Force



  • Formation: The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 during the G7 Summit in Paris.
  • Objectives: To set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
  • Secretariat: Its Secretariat is located at the Organization for Economic Cooperation and Development (OECD) headquarters in Paris.
  • Member Countries: The FATF currently has 39 members including two regional organizations — the European Commission and Gulf Cooperation Council. India is a member of the FATF.
  • Decision Making Body: The FATF Plenary is the decision making body of the FATF. It meets three times per year.
  • Lists under FATF:
    • Grey List: Countries that are considered safe haven for supporting terror funding and money laundering are put in the FATF grey list (or ‘Jurisdictions under increased monitoring’). This inclusion serves as a warning to the country that it may enter the blacklist.
    • Black List: Countries known as Non-Cooperative Countries or Territories (NCCTs) are put in the blacklist. These countries support terror funding and money laundering activities. The FATF revises the blacklist regularly, adding or deleting entries. As of this year, there are only two countries on the FATF's black list - North Korea and Iran.
Source:- FATF
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