Chapter

The Financial Action Task Force as the Norm-Creator in the Anti-Money Laundering Field

Cecily Rose

in International Anti-Corruption Norms

Published in print August 2015 | ISBN: 9780198737216
Published online October 2015 | e-ISBN: 9780191800726 | DOI: https://dx.doi.org/10.1093/acprof:oso/9780198737216.003.0006
The Financial Action Task Force as the Norm-Creator in the Anti-Money Laundering Field

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This chapter examines the 40 Recommendations of the Financial Action Task Force (FATF), which has been producing anti-money laundering standards since 1990. As an intergovernmental organization comprised of a relatively small and homogenous group of States, FATF has been able to formulate and revise Standards that are designed to mould domestic laws on money laundering throughout the world. But at the same time, FATF has operated in a relatively non-transparent manner, and has historically excluded non-member States from the formulation of recommendations to which they are nevertheless subjected. By blacklisting non-compliant States, FATF has managed to bring about implementation of the FATF 40 Recommendations by non-members as well as FATF members. FATF has taken steps to increase participation by non-members through regional affiliates known as FATF-Style Regional Bodies, but this is not equivalent to membership itself.

Keywords: Financial Action Task Force; FATF 40 Recommendations; FATF-Style Regional Bodies; money laundering; blacklisting; sanctions; peer pressure

Chapter.  18616 words. 

Subjects: Public International Law ; Civil Law

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