FINANCIAL ACTION TASK FORCE

Established by the G-7 Summit in Paris in 1989 to examine measures to combat money laundering. In April 1990, the FATF issued a report containing a programme of 40 Recommendations in this area. The Recommendations are designed to provide a comprehensive blueprint for action against money laundering covering the criminal justice system and law enforcement; the financial system and its regulation; and international cooperation. The Recommendations are not a binding international convention, but each of the FATF members has made a firm political commitment to combat money laundering. In 1996 the Recommendations were modified to take into account recent money laundering trends and potential future threats.