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Headlines
The
rush to regulate
Recent
Concerns in the Offshore Industry
Money
Laundering - The role of the FATF
OECD
Moves Forward in Counteracting Harmful Tax Practices
Has
The Dot Com Fever Hit The Offshore World?
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Money Laundering - The role of the FATF
 The Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit in Paris in 1989 to examine measures to combat money laundering. In April 1990, the FATF issued a report containing a programme of forty Recommendations in this area. The Recommendations are not a binding international convention, but each of the FATF members has made a firm political commitment to combat money laundering. In 1996 the Recommendations were modified to take into account recent money laundering trends and potential future threats.
The Recommendations are designed to provide a comprehensive blueprint for action against money laundering covering the criminal justice system and law enforcement; the financial system and its regulation; and international co-operation.
Membership
The FATF has 26 member countries (this encompasses territories) and two regional organisations. Its membership includes the major financial centre countries of Europe, North America and Asia. It is a multi-disciplinary body which meets several times each year bringing together the policy-making power of legal, financial and law enforcement experts. The FATF works in close co-operation with other international bodies involved in combating money laundering.
Activities
The FATF concentrates on three main tasks:
monitoring members" progress in implementing measures to counter money laundering through a two-fold process of annual self-assessment and a more detailed mutual evaluation;
reviewing money laundering trends, techniques and counter-measures and their implications for the forty Recommendations; and
promoting the adoption and implementation of the FATF Recommendations by non-member countries.
Presidency and Secretariat
The Presidency of the FATF is a one year position held by a high level government official appointed from amongst the members of the group. Countries which have held the Presidency are France (for the first two years), Switzerland, Australia, the United Kingdom, the Netherlands, the United States, Italy, Belgium, Japan and Portugal, to be followed in 2000-2001 by Spain. The current President is Mr. Gil Galvão, Vice Chairman, Portuguese Securities" Market Commission, and in July 2000 he will be replaced by Mr. José Maria Roldan Alegre, Member of the Board, Spanish Securities and Exchange Commission.
A small specialised Secretariat unit services the Task Force and assists the President. It is housed at the headquarters of the Organisation for Economic Co-operation and Development (OECD) in Paris, France. Although the FATF Secretariat is based at the OECD, the FATF itself, being an independent international body, is not a part of OECD.
More information
Visit: http://www.oecd.org/fatf/
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