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 at www.fatf-gafi.org, 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.
As part of the fourth round of inspections, the UK is scheduled for inspection by FATF in March 2018.
FATF - the Charity Commission for Northern Ireland’s role
The independent regulator of charities in Northern Ireland, 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 is also currently working to develop a forum in which we can work with other regulators, public sector bodies and charities to discuss and identify any common trends and potential solutions regarding money laundering or the abuse of charity property in Northern Ireland.
At present, this forum is in the development stage only; however if you are interested in becoming a member of this group please contact Paul O’Hagan (firstname.lastname@example.org), providing your name, job role, organisation name and contact details.
The Commission has also published FATF's Interpretative Note to Recommendation 8 (Non-Profit Organisations), which is available below: