It is an intergovernmental organization based in the French capital, Paris, founded in 1989. The Financial Action Task Force aims to combat currency counterfeiting and terrorist financing, and it has 37 members within the organization. They are the United States of America, the United Kingdom, Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Denmark, the European Union, Finland, France, Germany, Hong Kong, the Gulf Cooperation Council, Iceland, India, Ireland, Spain, Israel, Italy, Japan, South Korea, Malaysia, Mexico, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Russia, Singapore, South Africa, Sweden, Switzerland, Turkey, Saudi Arabia.
FATF recommendations set out a comprehensive and consistent framework of measures that countries should implement in order to combat money laundering and the financing of terrorism, in addition to financing the proliferation of weapons of mass destruction. Since the legal, administrative and operational frameworks and financial systems vary in various countries, it is not possible for all of them to take identical measures to confront these threats. Therefore, the FATF recommendations set an international standard, which countries should implement by taking measures that have been adapted to their own circumstances. (FATF website)