- Financial Action Task Force (FATF) is an inter-governmental body established by the minister of its member jurisdictions.
- FATF has collaborated with the Asia-Pacific Anti-Money laundering Organization (APG) to jointly evaluate the operation of Korea’s anti-money laundering and anti-terrorist financing Schemes.
- FATF will continue to work with a group of private experts on virtual assets field.
Who is FATF?
Financial Action Task Force (FATF) is an inter-governmental body established by the minister of its member jurisdictions in 1989 to set standards and promote solid implantation of legal, operational and regulatory measures to fight against threats to the integrity of the international financial system which includes money laundering and terrorist funding.
The FATF can be referred to as Policy making body which works to develop the essential political will to generate legislative and regulatory reforms in the international standard to cut of the financing of terrorism and financing in making of weapons of mass destruction by an individual group with the intent of creating chaos.
On 21 February, FATF announced that it increased its jurisdiction in the monitoring area. FATF is having strategic deficiencies with more than 38 countries whom it is having a symbiotic relationship to counterattack and restrict the potential areas within those countries to get funding and grow into something big. The motive of FATF is to prevent the next 9/11.
The jurisdiction with strategic deficiencies is Albania, The Bahamas, Barbados, Cambodia, Ghana, Iceland, Jamaica, Mauritius, Mongolia, Myanmar, Nicaragua, Pakistan, Panama, Syria, Uganda, Yemen, and Zimbabwe. The countries it excluded from this list is Trinidad and Tobago. Pakistan is a recent country after escaping the blacklisting of FATF in February.
FATF + APG:
Recently, FATF has collaborated with the Asia-Pacific Anti-Money laundering Organization (APG) in January 2019 to jointly evaluate the operation of Korea’s anti-money laundering and anti-terrorist financing Schemes.
In the conference, Korean Representators said “Korea understands the risks of money laundering and terrorist financing that it faces and evaluates it to produce some good results based on concrete legal and institutional arrangements. The evaluation result will be released on the FATF website in April 2020.
FATF on Virtual Assets.
FATF also discussed Virtual Currency A.K.A Cryptocurrency that with the people rapidly adopting digital assets such as virtual currency and online transactions, FATF reconstructed the thinking on how to tackle this issue on its own and therefore it resulted in the adoption of guidance on the application of international standards.
It is also assured that FATF will continue to work with a group of private experts on this field and fully implement the sender and Recipient Information Travel Rules. FATF is closely following the threat it can cause and evaluate the danger like the legalization of virtual Assets like Libra by Facebook.