In the context of international financial regulation, the Financial Action Task Force (FAT

• The Financial Action Task Force (FATF) is an inter-governmental policy-making body, established in 1989 by the G7 countries. • Its mandate is to set international standards aimed at preventing: o Money laundering (ML) o Terrorist financing (TF) o Proliferation financing (weapons of mass destruction funding) • FATF issues recommendations, which member countries adapt into their own laws and regulations. • It also maintains the “grey list” and “black list” of jurisdictions with strategic AML/CFT deficiencies. Thus, the FATF’s key role is to safeguard the global financial system by combating money laundering and terrorist financing.