The Financial Action Task Force (FATF) has a methodology in place for:
- monitoring countries’ progress in implementing the FATF Recommendations
- reviewing money laundering and terrorist financing techniques and counter-measures; and,
- promoting the adoption and implementation of the FATF Recommendations globally.
The FATF implements the above through a process of mutual country evaluations. This is supplemented by anti-money laundering (AML) and countering financing of terrorism (CFT) assessments carried out by FATF-Style Regional Bodies (FSRBs), the IMF and/or the World Bank.
The FATF sets out a schedule for these mutual country evaluations, and lays down both the procedure and the follow-up mechanisms. The methodology for assessing compliance with the FATF Recommendations is detailed here.
The nine FATF-Style Regional Bodies (FSRBs), in addition to the 38 FATF members, are:
APG: Asia/Pacific Group on Money Laundering
CFATF: Caribbean Financial Action Task Force
EAG: Eurasian Group
ESAAMLG: Eastern and Southern Africa Anti-Money Laundering Group
GAFILAT: Financial Action Task Force of Latin America
GIABA: Inter Governmental Action Group against Money Laundering in West Africa
MENAFATF: Middle East and North Africa Financial Action Task Force
MONEYVAL: Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism
GABAC: Task Force on Money Laundering in Central Africa