The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the 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. The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

The FATF developed a series of Recommendations time to time and updated the same that are recognised as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction. Firstly, In April 1990, it issued a total of Forty Recommendations, which were intended to provide a comprehensive plan of action needed to fight against money laundering. The FATF Recommendations were revised in 1996, 2001, 2003 and most recently in 2012 to ensure that they remain up to date and relevant, and they are intended to be of universal application.

The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally. In collaboration with other international stakeholders, the FATF works to identify national-level vulnerabilities with the aim of protecting the international financial system from abuse.

The FATF's decision making body, the FATF Plenary, meets three times per year. In order to assist FATF’s efforts in achieving it’s goal, Bangladesh always greets FATF's initiatives with warm appreciations and actively participates in its programs. (Read more….)