FATF Means Financial Action Task Force

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. – FATF

FATF is housed at the Organization Economic Co-operation and Development (OECD) in Paris, France. It works with the G-7 world leaders, G-20 finance ministers to make policy and enforcement recommendations regarding anti-money laundering, anti-bribery, anti-corruption, anti-terrorist financing and anti-piracy. It is part thinktank and part NGO.

FATF has a membership status for each country. There are thirty five member nations and the rest are either observing the guidelines and recommendations or not actively doing so. FATF also has a Blacklist, a list of banned nations. The usual suspects are listed: Iran, North Korea, etc.

The Treasury represents the United States at the FATF. The Financial Crimes Enforcement Network (FinCEN) is the primary contact for guidance.


About the Author: Marcus Maltempo is a compliance professional with more than a decade of experience helping banks, law firms and clients manage investigations and regulatory responses.


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Cyrus Vance, Jr. Kenote

On Monday, January 26, Associations of Certified Anti-Money Laundering Specialists (hereon ACAMS) held its Third Annual AML Risk Management Conference at The Conrad Hotel in downtown New York. Over the course of this week, summaries and takeaways from the key notes and panel discussions will be shared in this blog.

HeaderCyrus Vance, Jr. is the Manhattan District Attorney in the New York county DA’s Office. He is known for a keen focus on financial crimes and crimes where financial services can aid Law Enforcement.

His keynote enumerated five:

  1. Increase in prosecutions of Auditors and Accountants and their firms.
  2. Payday lenders pose a risk to banks and the DA’s office intends to help banks stay out of trouble made by payday lenders.
  3. Non-financial transactions, like credit card verification for hotel reservations, have helped the DA to verify sex traffickers’ activities.
  4. Homegrown terrorism financing is still a risk and financial services play a crucial role is helping the DA’s office collect evidence.
  5. Cyber crime’s boundaries are not national, therefore, the DA’s office has began information sharing partnerships, beginning with London. Paris is interested.

About the Author: Marcus Maltempo is a compliance professional with more than a decade of experience helping banks, law firms and clients manage investigations and regulatory responses.
He tweets @MoneyCompliance