Financial Action Task Force on Money Laundering (FATF)
The Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit held in Paris in 1989.
An inter-governmental body, the Task Force currently comprises 35 member jurisdictions and two regional organisations, representing most major financial centres in all parts of the globe. It has responsibility for examining money laundering techniques and trends, reviewing the action which had already been taken at a national or international level, and setting out measures that need to be taken to combat money laundering.
The Task Force has developed a series of Recommendations that are recognised as the international standard for combating of money laundering and the financing of terrorism, and proliferation of weapons of mass destruction. The Recommendations, available online here, help to increase transparency and enable countries to successfully take action against illicit use of their financial system.
The Task Force also undertakes inspections to assess worldwide compliance with its Recommendations and the ratings of FATF understood to be a factor in the international credit assessments of member states. Ratings range from fully compliant, largely compliant, partially compliant to not compliant.
The UK was inspected in 2018. Further details are available here
FATF - the Charity Commission for Northern Ireland’s role
The Commission is working with its colleagues in the Office of the Scottish Charity Regulator (OSCR) and the Charity Commission for England and Wales (CCEW) and other stakeholders to develop actions and evidence which will support the UK in demonstrating compliance with the FATF Recommendations. This includes, for example, the production of thematic reports on common concerns about charities received by the Commission as well as work with external organisations, elected representatives and charity funding bodies to highlight the requirement for all charities to register with the Commission.
The Commission has also published FATF's Interpretative Note to Recommendation 8 (Non-Profit Organisations), which is available below:
