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OECD is the home of the Financial Action Task Force (FATF), coordinating global efforts in the fight against money laundering and illicit activities and coordinating the fight against the financing of terrorism.
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| FATF Origins |
Since its creation the FATF has spearheaded the effort to adopt and implement measures designed to counter the use of the financial system by criminals. It established a series of FATF Recommendations in 1990 that sets out the basic framework for anti-money laundering efforts and are intended to be of universal application.
Since then, the FATF has revised the Forty Recommendations twice - first in 1996 and then more recently in 2003 - to ensure that they remain up to date and relevant to the evolving threat of money laundering. Indeed, the FATF Recommendations are now the principal standard in this field.
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| FATF After 9/11 |
Following the terrorist attacks in the United States on 11 September 2001, the FATF expanded its mission beyond money laundering in order to focus its energy and expertise on a world-wide effort to combat terrorist financing.
The FATF issued new international standards to combat terrorist financing - the Nine Special Recommendations - and it calls on all countries to adopt and implement these measures. The objective of these measures is to deny terrorists and their supporters access to the international financial system.
The FATF attempts to identify emerging methods and trends used for laundering money. Terrorists finance their operations through criminal activity, or they may also use funding from legal sources. In either case, terrorist groups utilise financial networks in the same way that other criminal groups do. That is, they move funds and hide connections between the source of their funding and the perpetrators, organisers, and sponsors of their activity.
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