What does FATF Stand for?

FATF Stands for Financial action task force 

FATF-Financial action task force
What is FATF?

(FATF) means the Financial Action Taskforce & the main objective of this task force is to prevent the act of Money laundering & terrorism financing in the country which is very harmful to the nation and society. 

This Taskforce is responsible for the prevention of all illegal activities in the country.FATF was founded in 1989 to apply the policies only related to money laundering but later in 2001, the objective of the Financial action task force is expanded to the prevention of terrorism activities also.

History of FATF?

FATF was established in 1989 in the name of (G7) and the purpose of this organization is to apply the policies related to money laundering acts in the nation but later in 2001, this objective is expanded to the prevention of terrorism financing. The Headquarters of  FATF are present in Paris and France.

What is the purpose of FATF?

FATF is the intergovernmental organization that performs the various tasks such as,

  • It prevents From Money laundering Activities in the nation.
  • it plays a vital role to combat terrorism financing and illegal activities.
  • It maintains peace in society.