The international fight against the growing threat of money laundering and terrorist financing is led by the Financial Action Task Force (FATF), established by the G7 in 1989.

To date, more than 200 countries worldwide have committed to implementing the body’s 40 Recommendations, which create a consistent framework designed to prevent criminals and terrorists from abusing the financial system. Risks are mitigated, the proceeds of crime and funds in support of terrorism are prevented from entering the financial and other sectors, money laundering and terrorist financing threats are detected and disrupted, and criminals and terrorists (and those who finance them) are sanctioned and deprived of resources.

The recommendations apply to a range of organisations:

• Financial institutions, including banks, investment companies, payment service providers and insurance companies;
• Designated non-financial businesses and professions (DNFBPs) that routinely deal with customer funds: casinos, real estate agents, legal professionals and trusts and company service providers; and
• Crypto or virtual asset service providers (known as CASPs or VASPs).

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