Objectives of FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
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FATF is a "policy-making body" that works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
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FATF was formed by the 1989 G7 Summit in Paris to combat the growing problem of money laundering.
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In February 2012, the FATF codified its recommendations and Interpretive Notes into one document that maintains SR VIII, and includes new rules on weapons of mass destruction, corruption and wire transfers.
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In June 2019, the FATF released its first guidance on the risk-based approach for virtual assets and virtual asset service providers.
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The FATF completely revised the Forty Recommendations in 1996 and 2003.
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In October 2001 the FATF issued the original eight Special Recommendations on Terrorism Financing, following the September 11 terrorist attacks in the United States.
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FATF surveyed 26 jurisdictions to check their ability and willingness to co-operate with other countries in the international fight against money laundering.
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However, through several associated regional bodies, the FATF network comprised 187 countries in total, as of 2012.
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FATF has been characterized as effective in shifting laws and regulations to combat illicit financial flows.
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Effect of the FATF Blacklist has been significant, and arguably has proven more important in international efforts against money laundering than has the FATF Recommendations.
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While, under international law, the FATF Blacklist carried with it no formal sanction, in reality, a jurisdiction placed on the FATF Blacklist often found itself under intense financial pressure.
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FATF has made it difficult for non-governmental organisations in countries to access funds to aid in relief situations due to strict FATF criteria.
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FATF criteria have mainly impacted NGOs that are located in Middle Eastern and terror-ridden countries.
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Some argue that the FATF Recommendations do not specifically set out restrictions for NGOs which often results in them going against FATF Recommendation.
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