What is the FATF’s Mandate?

The Financial Action Task Force (FATF) defines its mandate as being:

to set standards and promote 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. 
The FATF is therefore a ‘policy-making body’ which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

These standards are set out in the FATF’s Recommendations (last updated in 2012 and numbering 40 in total), in what the FATF terms are the ‘international standards on combating money laundering and the financing of terrorism and proliferation’.