What does the acronym FATF stand for?

The acronym FATF stands for Financial Action Task Force. This organization was established to combat money laundering and terrorist financing on a global scale. The FATF develops policies and promotes measures aimed at enhancing the integrity of the financial system. It provides guidance and recommendations to member countries to improve their legislative and regulatory frameworks, ensuring they can effectively target the financial aspects of crime.

Understanding the role of the FATF is crucial because it set global standards and promotes the effective implementation of legal, regulatory, and operational measures for combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system. This advocacy for financial integrity and security is essential for maintaining confidence in global financial markets and encourages cooperation between countries.