Financial Action Task Force (FATF)
It is an inter-governmental body established in 1989 by a Group of Seven (G-7) Summit in Paris, initially to examine and develop measures to combat money laundering.
In 2001, the FATF expanded its mandate to incorporate efforts to combat terrorist financing, in addition to money laundering.
It is a voluntary group, without much power to enforce its ruling, it works through peer pressure and naming and shaming countries into compliance on terror finance by putting them on “grey lists and black lists”.
The FATF currently comprises 35 members (including India) and 2 regional organisations (European Commission and Gulf Cooperation Council), representing most major financial centres in all parts of the globe.
Israel and Saudi Arabia are two observers of FATF.
The FATF's decision making body (the FATF Plenary) meets three times per year.
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