FATF is a global money laundering and terror financing watchdog set up in 1989.

Launch

Headquarter: 

  • The FATF Secretariat is located at the OECD headquarters in Paris.

Functions:

  • FATF’s main role is to review money laundering and terrorist financing techniques and improve its standards to address new risks, such as regulating virtual assets like cryptocurrencies.
  • FATF also monitors countries to ensure they fully implement the FATF Standards and takes action against those that do not comply.

FATF Sessions:

  • The decision-making body of FATF is called the FATF Plenary, which meets three times a year.

Membership:

  • It is a 39-member body representing most major financial centres across the globe.
  • India joined with observer status in 2006 and became a full member of FATF in 2010.

Listing:

  • The Grey List includes countries that are considered safe havens for supporting terror funding and money laundering.
  • The Black List includes Non-Cooperative Countries or Territories (NCCTs) that support terrorist financing and money laundering. As of now, Iran, North Korea, and Myanmar are the three black listed countries.

 

Source: The Hindu