3.10.7. Financial Action Task Force (FATF)

♤ The Financial Action Task Force (FATF) was established in July 1989 by a Group of Seven (G-

7) Summit in Paris, initially to examine and develop measures to combat money laundering. It is an intergovernmental body with 37 members including India. Israel and Saudi Arabia are its observer members.

♤ Its objectives 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.