Financial Action Task Force
An inter-governmental body which develops and promotes policies to combat money laundering. The G7 countries set up the FATF in July 1989, although its membership is now much wider. It aims to prevent banks and financial institutions from being used by money launderers and to encourage financial institutions to adopt common regulatory systems to prevent money laundering.
FATF website:
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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