What is the working group for the financial event for money laundering?
The Working Group for the Financial Event for Money washing (FATF) is an international organization that examines money laundering and issues political recommendations to help governments. The seven (G7) group set up this organization in 1989 to deal with growing concern about the international extent of money washing activities. Since 2010, it included more than 35 Member Nations along with a number of associated organizations. In addition to these members, the group works with regional money laundering organizations and other financial groups.
FATF members have three missions. The first is to explore techniques and procedures used by people to wash money and pay special attention to changing trends, such as new methods for hiding illegal income. The second is to develop instructions for Member Nations that will carry out money laundering. The third includes the evaluation of nations to find out how well they do the instructions and to assess the success of their campaign against money washing.
in 1990ACE has published a list of 40 recommendations for combating illegal financial activities. It regularly revises the list to reflect changes in the principles that the group thinks that members should make nations to remain up to date. The group also has a list of nine "special recommendations", which specifically deals with the financing of terrorists, developed as a result of the 2001 terrorist attacks in the United States.
In his work on dealing with global movements of funds for illegal purposes, the working group for money washing also has a black list of nations. Countries on the blacklist do not cooperate with the recommendations of the organization. There may be serious consequences on this list because financial transactions from these countries or travel to these countries are subject to more intensive control that can do a difficult business at international level for these governments and their citizens.
headquarters FATF is in Paris. Members Periodically Meet to Discuss Policy Recommentations, Distribute Information, and Work on Revisions to the Organization's Recommentations. IT Also Considers Applications for New Members From Nations with and Significant Role to Play in Anti-Money Laundering Efforts, As Well AS International Organization With An Interest in Supporting the Group's Mission. MEMBERS OF THE PUBLIC CAN ACCESS PRESS RELEASES AND OTHER ANNOUNCEENS AT THE ORGANIZATION'S WEB SITE WHEN IT INDUCTS NEW MEMBERS or Makes Changes to Policy Recommentations.